The U.S. Securities and Exchange Commission (SEC) is still delaying its conclusion on the suggestions for Ethereum-based Exchange Traded Funds (ETFs) even after extending the deadline by a month. As the SEC nears its due date to determine the fate of Ethereum ETFs on May 23rd, there is a sense of unease and speculation in the air, especially in light of Grayscale Investments' initiatives to morph its Ethereum Trust into a spot ETF.

Speculations and concerns are rife in the crypto community about the pending decision of the SEC, with numerous experts expressing doubts. Fox Business journalist Eleanor Terrett highlighted the lack of substantial engagement from the SEC staff on the issuers' applications, indicating a probable denial on May 23rd. The prevailing sentiment hints at widespread uncertainty and skepticism looming over the crypto market. Bloomberg ETF analyst Eric Balchunas added to the pessimism, assigning a mere 25% chance of approval for Spot Ethereum ETFs.

In response to the prevailing uncertainty, Grayscale Investments promptly took action. The company released a press statement announcing a major development in the path towards Ethereum ETF approval. Through filing a registration statement on Form S-3, Grayscale Ethereum Trust (OTCQX: $ETHE) aims to navigate the intricate process of transforming into an ETF. This decisive step, along with an earlier submission of Form 19b-4 by NYSE Arca, underscores the commitment to transition the Ethereum Trust into a spot ETF, albeit specifics of the filing remain undisclosed. Emphasizing transparency, Grayscale emphasized that shares would solely be available for sale through a prospectus.

Amidst the prevailing doubts, some optimistic voices continue to underline the similarities between Ethereum ETFs and previously proposed Bitcoin ETFs. They remain hopeful for a swift resolution of any lingering staking-related issues. However, with the SEC's final decision only a month away, prevailing skepticism may dampen the potential surge in Ether prices—a contrast to the situation before Bitcoin ETFs received approval.