Grayscale's application for ethereum futures ETF withdrawn

- Crypto asset manager Grayscale Investments' proposal for an exchange-traded fund tied to ether futures was withdrawn last week, according to a Tuesday notice from the U.S. Securities and Exchange Commission.

Grayscale filed its application in September, shortly before the other ether futures ETFs began trading, but the SEC delayed making a decision on its proposal. It was due to deliver a final decision May 30. Grayscale's proposal to convert its existing Grayscale Ethereum Trust into a spot ether ETF is still pending. In that application, Grayscale has argued that because the SEC approved ether futures ETFs, it should also approve ETFs tied to the cryptocurrency's spot price, since futures prices are derived from the spot market.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years.

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