On February 22, Coinbase, a major cryptocurrency exchange in the United States, submitted a 27-page letter to the Securities and Exchange Commission (SEC) advocating for the approval of a spot Ether exchange-traded product (ETP). The letter emphasised that Ethereum (ETH) should be classified as a commodity, not a security, citing approvals from the Commodity Futures Trading Commission (CFTC), statements by SEC officials, and legal precedents. Coinbase argued that Ethereum's proof-of-stake consensus mechanism provides strong governance, reducing the risks of fraud and manipulation. Additionally, Coinbase contended that the SEC's approval of spot Bitcoin ETPs should extend to Ether due to the dispersed ownership and trading activity of ETH, indicating a mature and efficient market.