What Happens to the Spot ETH ETF Applications If Ether Is Deemed a Security?

This spot. Bitcoin ETF update is presented by Grayscale, the world's largest crypto asset manager. We've talked before about how the SEC views certain cryptocurrencies. It has been kind of in this weird place where we know that at least prem meg before it was on this proof of state consensus algorithm. Um It was pretty much accepted as not being in security post merge now to move to proof of stake. Uh It's been a little bit more uh unclear, I would say where you have SEC chair, Gary Gensler, not outreach stating, but suggesting that it is perhaps more likely to be a security. Now, we haven't seen it mentioned in any of the lawsuits that the SEC has brought against crypto exchanges. So the cases against coin bank cracking BB US, they don't mention es they do mention other cryptocurrencies as being securities or unregistered securities in the S ECs view. And the fact that we haven't seen it honestly, it's hard to say what to make it at, but what is likely to happen if the TC rejects the E ETF S, especially if they say, well, we think this might be a unregistered security. Um it's probably the same thing we saw when the SEC rejected the gray scale Bitcoin ETF conversion application, meaning, you know, someone's gonna sit and that's when, uh, if that happens, that's when I think we'll probably start seeing a lot more about, you know, just that discussion of whether or not it is, uh, a security in the S ECs view.