Galaxy Research Director: The SEC may seek a balance in the approval of Ethereum ETFs, where ETH itself is not a security but the pledged ETH is considered as one

According to Alex Thorn, the research director of Galaxy Digital Company on X platform, if speculations about a 180-degree turn in the U.S. Securities and Exchange Commission (SEC)'s attitude towards Ethereum ETF are true, I guess they would try to find a balance between the following two: "ETH" itself is not a security, while "staked ETH" (or more tenuously said, "staked ETH as a service") is. This aligns with their various lawsuits and reports on investigations and may allow SEC to approve Ethereum ETF while maintaining their previously stated and argued views. In this case, and possibly for other reasons, you might expect SEC to prohibit these ETFs from staking their held ETH.