Balchunas remarked on X that the absence of engagement appears intentional rather than a result of procrastination. He noted the lack of positive signs or intelligence anywhere, highlighting the SEC's deliberate strategic non-engagement.

The discussion transcends mere speculation, as industry stakeholders provide insights into the SEC's process. On the same social media platform, Craig Salm, Grayscale’s Chief Legal Officer, provided a different viewpoint. Salm proposed that the SEC’s silence might not necessarily indicate disapproval, highlighting the groundwork laid during the approval process for a spot Bitcoin ETF, which could impact the present circumstances.

“In the final months leading up to Bitcoin ETF approval, Grayscale and others received positive and constructive engagement from the SEC,” Salm said.

The Grayscale representative underscored that fundamental issues tackled for Bitcoin ETFs, like creation/redemption procedures and custody concerns, are equally relevant to Ether. This implies a foundation of engagement has been set.

In discussions on the subject, there was an undercurrent of worry about the SEC’s position on Ether classification. Reports suggest the regulator has issued subpoenas to crypto firms regarding interactions with the Ethereum Foundation, hinting at a potential move to classify Ether as a security.

Alex Thorn, head of firmwide research at Galaxy Digital, interprets these developments as significantly diminishing the likelihood of spot Ether ETF approval in the near future.