Why did Grayscale withdraw its Ethereum futures ETF application on the eve of SEC approval?

1. Grayscale Investments withdrew its Ethereum futures ETF application submitted to the U.S. Securities and Exchange Commission (SEC).
2. Grayscale did not explain the reason for the withdrawal, but mentioned that the SEC had repeatedly delayed reviewing its application.
3. Analyst James Seyffart believes that Grayscale may use the ETF application as a strategic move to create a situation similar to the GBTC lawsuit.
4. Seyffart speculates that Grayscale may aim to increase the chances of spot ETF approval or resubmit a revised application to reduce the workload of the SEC.
5. SEC Chairman Gary Gensler said that the SEC is still weighing the decision on the Ethereum spot ETF and emphasized the problem of fraud in the crypto market.