The wait for Grayscale’s Ethereum Futures Etf continues. The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on the product’s approval yet again, extending the deadline from March 31st to May 30th.

In a statement released on March 22nd, the SEC explained the delay by saying they need more time to thoroughly examine the proposed rule change and address any concerns raised during the application process.

This marks the second delay for Grayscale’s Ethereum Futures Etf. In December 2023, the SEC requested additional public comments on the product’s listing before making a decision. This came just three months after Grayscale initially proposed the ETF in September 2023.

Some analysts speculate that Grayscale might be using their futures ETF application as a strategic move to influence the SEC’s decision on a separate product – a spot Bitcoin ETF. The idea is that if the SEC approves the futures ETF, it might pave the way for the spot ETF’s approval in the future.

Following the approval of several spot Bitcoin ETFs in January, there’s a growing perception that the SEC might be taking a stricter approach towards approving future crypto-based ETFs, particularly those focused on Ethereum. This viewpoint is supported by comments from industry figures like Capital founder John Lo, who expects the SEC to place more scrutiny on upcoming crypto ETFs, especially Ether-based ones.

The SEC isn’t just delaying Grayscale’s application. In early March, they also announced delays in their decisions on Ethereum ETF applications filed by BlackRock and Fidelity.