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JPMorgan says SEC's Wells notice to Robinhood Crypto shouldn't hinder eventual approval of spot Ethereum ETFs

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JPMorgan analysts say the SEC's Wells notice to Robinhood Crypto is unlikely to hinder the potential eventual approval of spot ether ETFs.

The United States Securities and Exchange Commission's recent Wells notice to Robinhood Crypto concerning alleged unregistered security offerings is unlikely to obstruct the potential approval of spot ether exchange-traded funds, according to JPMorgan.

Earlier this week, retail brokerage Robinhood said that its crypto unit had received a Wells notice from the SEC — indicating the regulator's expectation to file an enforcement action against the company over alleged securities violations. However, the SEC hasn't explicitly stated that ether is not a security. When asked if the Wells notice implies that, Panigirtzoglou told The Block in a separate statement:

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