🚨Grayscale has withdrawn its Ethereum (ETH) futures exchange-traded fund (ETF) 19b-4 application, less than three weeks before the securities regulator makes a decision.

Grayscale has withdrawn the Ethereum futures ETF application, leaving less than two weeks for the SEC to make a decision on at least one Ethereum spot ETF application.

Source: @Cointelegraph

The reasons behind this move are indeed puzzling. @JSeyff believes that Grayscale's plan with the Ethereum futures ETF is strategically similar to the original #BTC ETF, using it as a "Trojan horse" to force the SEC to approve its spot Ethereum ETF.

However, he is puzzled as to why Grayscale is now withdrawing, as according to regulations, the SEC must make a decision to approve or reject at least one spot ETH ETF application by May 23 (just over two weeks away).

Who knows, maybe the SEC and Grayscale have discussed this and convinced Grayscale to voluntarily withdraw?

A few days ago, MicroStrategy's CEO @saylor speculated that the U.S. Securities and Exchange Commission would reject the spot ETF for ETH.

In any case, from the current situation, the probability of an Ethereum ETF being approved in May should be below 20%.

⚠️ The SEC must make a decision on VanEck's application by May 23, while the final deadlines for ARK 21Shares and Hashdex are May 24 and May 30, respectively;

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