Grayscale Ethereum ETF proposal retracted; Detailed information provided

Grayscale has withdrawn its proposal to list and trade shares of the Ethereum (ETH) futures exchange-traded fund, according to a recent filing. The request for the Grayscale Ethereum Futures Trust ETF, introduced by NYSE Arca in September 2023, was withdrawn on May 3, as stated in a filing with the US Securities and Exchange Commission (SEC). The SEC has been delaying its decision on Ethereum ETF applications in recent months, with Grayscale’s application being postponed in March. However, the SEC had previously approved a number of Ethereum ETFs in October last year. Craig Salm, the legal director of Grayscale, expressed his belief that Ethereum ETFs should be approved by the SEC. The withdrawal of Grayscale’s application has led Ether traders to increase their short positions, resulting in a 4% drop in the cryptocurrency’s price in the last 24 hours.