The discussion around the approval of spot Ethereum (ETH) ETFs has intensified, with the SEC facing a deadline in less than two months to make a decision, specifically by May 2024. Despite the mixed sentiments in the market, Grayscale, the world's largest Ethereum investment vehicle by AUM, remains optimistic. Grayscale's Chief Legal Officer, Craig Salm, has been vocal about the firm's belief in the approval of Ethereum spot ETFs, drawing parallels between the regulatory processes for Bitcoin and Ethereum ETFs. He also mentioned that the perceived lack of engagement from the SEC shouldn't be seen as a negative signal. This stance is amidst a backdrop of increasing interest in cryptocurrency ETFs, as evidenced by the success of BlackRock and Fidelity's Bitcoin ETFs. However, a senior Bloomberg analyst has expressed skepticism, noting a lack of positive signs for the approval of Ethereum ETFs. Additionally, the Grayscale Ethereum Trust is currently trading at a -21.5% discount to NAV, and Polymarket is pricing the approval odds at approximately 22% by the end of June.