Two issuers have withdrawn their submissions with the Securities and Exchange Commission (SEC) to create an Ether-based exchange-traded fund (ETF). 
VanEck withdrew its submission for its Ethereum Strategy ETF today after beginning the approval process last May. At the time, it sought to create an investment vehicle giving investors exposure to ETH, priced via the MVIS CryptoCompare Ethereum Benchmark Rate. An accurate pricing mechanism has been a sticking point for the SEC throughout the conversation surrounding the approval of crypto exchange-traded products.
ProShares also called off its bid for approval of its ProShares Ether Strategy ETF. It first filed for the product on Wednesday.
The two submissions for approval followed a wave of ETH ETF approvals in neighboring Canada, which has historically been a proving ground for novel financial products before a green light in the U.S. 
The sudden withdrawals of the submissions have led some to speculate that the SEC has communicat

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