Variant Fund Chief Legal Officer: If the SEC approves the Ethereum Spot ETF, it means it acknowledges that non-pledged ETH is not a security

Scott Johnsson, a financial lawyer and partner at Van Buren Capital, said in a post on the X platform that the relevant application documents show that the Ethereum spot ETF will still be listed under the "commodity-based trust share" rule.
Jake Chervinsky, chief legal officer at Variant Fund, said this meant that if the SEC approved the Ethereum spot ETF, it would have to admit that non-staked ETH was not a security. This would be a major policy move for the SEC, which has previously refused to recognize any assets other than bitcoin as non-securities.