According to online reports, Nate Geraci, president of The ETF Store, wrote on the X platform: "A year ago... the US Securities and Exchange Commission 'accidentally' approved spot Ethereum exchange-traded funds. The initial view I insisted on was that because Gray's lawsuit against the US SEC was won, regulators had no choice but to hope that one day they could understand the full story. Although the regulatory environment has changed a lot since then, no other spot cryptocurrency ETFs have been formally approved so far."