The cryptocurrency community is closely watching the developments surrounding the potential approval of Ethereum-based Exchange-Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Several ETF issuers, including Defiance Investments and ProShares, have submitted applications for Ethereum ETFs, with some proposing innovative structures like 2x leveraged Ethereum futures ETFs, aiming to start trading as early as late June, and spot Ether ETFs utilizing swap contracts for exposure, expected to launch 75 days on schedule. Despite these efforts, the SEC has been largely unresponsive, providing little to no feedback to companies on their applications. This has led to a growing sentiment among industry leaders, including VanEck CEO Jan van Eck, that the SEC is likely to reject these applications by the May 23rd deadline. Jan van Eck has specifically mentioned that the approval process for Ethereum ETFs has been markedly different from that for Bitcoin ETFs, highlighting the lack of communication from the SEC as a major hurdle.