Why are VanEck and ProShares planning to withdraw Ethereum ETF filings?

Three days ago, VanEck and ProShares filed for registering their Ethereum ETF assets with the US SEC (United States Securities and Exchange Commission).

Then, in two days, both their legal counsel applied for withdrawing these applications and decided not to proceed with the registration process. VanEck’s ETFs are called Ethereum Strategy ETF, while ProShares named theirs as Ether Strategy ETF.

These are designed to provide awareness and exposure to the cryptocurrency itself. Users can invest in futures contracts, and pool investments, and even other ETF products. It is unclear why these companies similarly named their assets.

SEC head Gary Gensler is more interested in receiving crypto futures, and ETFs. However, VanEck has already applied for BTC, and ETH ETFs, which are already under review by the SEC. But then, the company decided to go for a seperate filing, and later redacted it.