Grayscale Chief Legal Officer: The SEC has not conducted an in-depth discussion on the Ethereum spot ETF because related issues have reached a consensus on the Bitcoin ETF.

1. Grayscale Investments withdrew its Ethereum futures ETF application submitted to the U.S. Securities and Exchange Commission (SEC). 2. Grayscale did not explain the reason for the withdrawal, but mentioned that the SEC had repeatedly delayed reviewing its application. 3. Analyst James Seyffart believes that Grayscale may use the ETF application as a strategic move to create a situation similar to the GBTC lawsuit. 4. Seyffart speculates that Grayscale may aim to increase the chances of spot ETF approval or resubmit a revised application to reduce the workload of the SEC. 5. SEC Chairman Gary Gensler said that the SEC is still weighing the decision on the Ethereum spot ETF and emphasized the problem of fraud in the crypto market.

Grayscale team is ready to convert GBTC to ETF once it receives approval from the SEC.

What's next? Much depends on whether SEC Chair Gary Gensler is willing to throw in the towel or fight to the end.

Tonight's crypto world is as lively as the night Ripple won the lawsuit. Although Grayscale's victory in the lawsuit does not immediately mean that GBTC will be freely converted to an ETF, it does mean that the launch of a Bitcoin spot ETF is closer than