The wait for a decision on Grayscale's Ethereum Futures ETF just got a bit longer. The US Securities and Exchange Commission (SEC) has kicked the can down the road, pushing back its decision date from March 31st to May 30th. This latest delay adds another layer of uncertainty to the already complex world of crypto ETFs.

This isn't Grayscale's first rodeo with the SEC. Back in December, the regulatory body requested more public input on the proposed futures ETF. Some, like Bloomberg analyst James Seyffart, believe Grayscale might be playing a strategic game. He suggests this futures ETF could be a "trojan horse" - a way to indirectly influence the SEC's approval of a more lucrative spot Ether ETF. The logic goes that approving the futures product would strengthen Grayscale's case for a direct Ether ETF.

This suspicion is fueled by the SEC's earlier actions. In January, they delayed a decision on Grayscale's spot Ether ETF application, while also greenlighting several Bitcoin ETFs. This seemingly contradictory move has some crypto commentators worried that the SEC might be taking a tougher stance on Ether-based ETFs.

Capital founder John Lo exemplifies this concern, predicting the SEC will heavily scrutinize all future crypto ETFs, especially those focused on Ether. He suggests the Bitcoin ETF approvals might have been a strategic retreat for the SEC, and they're looking to regain control of the narrative.

This regulatory limbo isn't just affecting Grayscale. BlackRock and Fidelity also face delays on their respective Ethereum Trust and Ether ETFs. The SEC's extended deliberation suggests a cautious approach to Ether ETFs, leaving investors and the crypto industry in a state of wait-and-see.