The United States Securities and Exchange Commission (SEC) has initiated a public feedback period for three ether spot exchange-traded fund (ETF) proposals. This move allows interested individuals to provide comments on the proposed rule change.

The U.S. regulator has set a 21-day comment period for ETH ETF proposals from Bitwise, Fidelity, and Grayscale. Bitwise and Grayscale aim to get listed on NYSE Arca, while Fidelity is looking at trading on the Cboe BZX Exchange.

Industry analysts had high hopes for the approval of Bitcoin ETFs, but optimism has waned as the SEC has not provided any updates on the matter. Bloomberg analyst James Seyffart noted that soliciting public comments on a 19b-4 is a standard procedure for ETF filings.

ETH analyst Eric Blachunas estimated a low likelihood of spot ETH ETFs being approved, citing a lack of positive signs or engagement from the SEC.

In January, SEC chair Gary Gensler cautioned that the approval of Bitcoin ETFs should not indicate the regulator’s stance on other cryptocurrencies’ legal status. The SEC launched an investigation into the Ethereum Foundation in March to determine if Ethereum should be classified as a security.

Consensys, the creator of MetaMask, has urged the SEC to acknowledge the advanced safeguards in Ethereum’s design and address concerns about fraud and manipulation.

The SEC is expected to make a decision by May 23, with the VanECK spot ether ETF being the first in line for approval or denial. Other ETF filings awaiting a decision include those from ARK, 21 shares, and Hashdex.

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