https://twitter.com/CraigSalm
Per Chief Legal Officer @Grayscale
3/ All of these issues were figured out and are identical when comparing spot #Bitcoin to #Ethereum ETFs. The only difference is rather than the ETF holding bitcoin, it holds ether. So in many ways, the SEC already has engaged and issuers simply have less to engage on this time.
Not the only difference at all. Eth was launched as a security. BTC was conceived as, and has remained at all times, a commodity.
And just because another organization (the SME), allowed Eth futures contracts to be traded, this does not mean the SEC needs to (or will) take the same view for any security it considers for approval for trading. Indeed, the SEC may well take the entirely opposite view, which is that Eth is a security, which should be obvious when you look at the history of Eth, its founders, and the control of Eth, and when you apply the well-established Howey test.
Those speculating on the hope that an ETH ETF gets approved, and then further on the hope that if approved demand increases, and then assuming further that any of these hopes have not already been priced in, are risking large downside on any non-approval. ETH has already performed terribly against BTC over the last year (down around 22%), and this is poised to continue as funds flow out from Eth and into BTC and also out from Eth to Sol, and other de-gen type coins.