According to online reports, according to Bitcoin.com, asset management company Gray met with the SEC Cryptography Working Group on April 21 and applied to allow its Ethereum ETF (ETHE and ETH) to carry out pledge operations. The company said that due to regulatory restrictions, the US$8.1 billion in assets under management had missed approximately US$61 million in potential gains from product launch to February 2025. Grayscale put forward three arguments: 1) Pledges have been successfully implemented for similar products in Europe and Canada;2) Pledges can enhance Ethereum network security;3) Risk control plans including "liquidity reserves" have been formulated. Coinbase Custody will provide technical support to avoid forfeiture risks. The current U.S. spot Ethereum ETP cannot fully reflect the value of the underlying assets due to the prohibition of pledge. Hui called on the SEC to update regulatory rules with reference to traditional financial products.