The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on Grayscale's application for an Ethereum Futures ETF, amidst reports of an ongoing investigation into the Ethereum Foundation. Alex Thorn, director of research at Galaxy Digital, mentioned that due to the SEC subpoena and the SEC’s lack of contact with ETF applicants, the approval of the Ethereum ETF spot in May seems extremely unlikely. The SEC's scrutiny extends to the potential classification of Ethereum as a security, following concerns related to the Ethereum Foundation and the 2014 Ethereum ICO. This development casts doubt on the approval of both futures and spot Ethereum ETFs in the near future, with industry experts citing the SEC's lack of communication with ETF applicants and the recent subpoena as key factors. Grayscale, known for its efforts in paving the way for cryptocurrency ETFs, faces challenges with its Ethereum ETF applications in limbo. The situation reflects broader regulatory uncertainties surrounding Ethereum and its classification, potentially impacting the future of cryptocurrency ETFs.