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In a recent development, Grayscale and Coinbase engaged in discussions with the United States Securities and Exchange Commission (SEC) on March 6 to address concerns surrounding the potential conversion of Grayscale’s Ethereum Trust into a spot exchange-traded fund (ETF) for Ether.

 

 

 

The crypto firms are exploring a rule change to facilitate the launch of spot Ether ETFs, similar to Grayscale’s earlier conversion of its Bitcoin Trust into an ETF in January. The meeting, which occurred after the conclusion of the proposal’s commenting period, focused on addressing apprehensions about potential market manipulation if the fund receives approval. As per information shared in a presentation by the SEC, Coinbase put forth the argument that the same rationale supporting the approval of Bitcoin ETFs should be extended to Ether. Coinbase emphasized that Ether incorporates mechanisms that significantly reduce its vulnerability to fraud and manipulation.

 

 

 

Additionally, the presentation highlighted Coinbase’s surveillance-sharing agreement with the Chicago Mercantile Exchange (CME). This mechanism, initially implemented for Bitcoin ETFs at the SEC’s request, aims to enhance monitoring of trading activities.

 

 

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