The US SEC is currently inviting comments regarding the Ethereum ETF proposals put forward by Grayscale, Fidelity, and Bitwise. These proposals aim to be listed on the Cboe BZX and NYSE Arca markets. The SEC had previously approved Ethereum futures ETFs, setting a precedent for ETFs based on the spot market. Grayscale and NYSE Arca believe that the strong correlation between the spot and futures markets for Ethereum helps mitigate the risk of fraud. They are questioning the SEC's justifications for potential rejections based on regulatory issues, along with considerations regarding ETF management, share creation and redemption processes, and fee structures.

The request for comments is a routine step in the review process and does not indicate the likelihood of approval. The growing interest in crypto financial products is evident through the SEC's approval of Bitcoin ETFs, paving the way for the consideration of Ethereum ETFs.