PANews reported on May 24 that according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) approving an Ethereum spot ETF might imply recognition of Ethereum and similar tokens as non-securities. Bloomberg ETF analyst James Seyffart emphasized on the Bankless podcast that the approval of these commodity-based trust stocks means the SEC will not regulate Ethereum as a security. Digital asset lawyer Justin Browder further pointed out that if the Ethereum ETF receives S-1 approval, it will officially end the debate on whether ETH is a security. Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, went further, suggesting that this mindset could extend to tokens of other projects.

However, Bloomberg analyst Seyffart noted that although the SEC does not view ETH as a security, staked ETH might be defined as a security and could be subject to SEC scrutiny. Digital asset lawyer Joe Carlasare also supported this view, suggesting that the SEC might continue to pursue individuals and staking services after the ETF launch. In April this year, Ethereum infrastructure company ConsenSys received a Wells notice from the SEC regarding MetaMask transactions and staking services. Financial lawyer Scott Johnsson also pointed out that the SEC did not confirm Ethereum's non-security status in its approval order, stating that it "completely avoided" the issue.