All eyes are on the United States Securities and Exchange Commission (SEC), which has opened a period for public feedback on three ether spot exchange-traded fund (ETF) proposals.

“The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons,” the filing stated.

According to notices made public on April 2, the U.S. regulator has allotted a 21-day comment period for ETH ETF proposals from Bitwise, Fidelity, and Grayscale. Specifically, the filing from Bitwise and Grayscale is looking to get listed on NYSE Arca, and Fidelity is eyeing trading on the Cboe BZX Exchange.

Following Bitcoin ETFs’ groundbreaking entry, industry analysts had high hopes for approval. However, optimism has since dried up as the SEC has maintained silence on the matter.

“Asking for public comments on a 19b-4 is standard procedure,” wrote Bloomberg analyst James Seyffart. “Every single 19b-4 ETF filing goes through the same process (whether approved or denied) It’s not “bullish” in any capacity for #Ethereum ETFs.”

ETH analyst Eric Blachunas echoed similar sentiments last month. The Bloomberg analyst estimated the likelihood of sport ETH ETFs being approved to a meager 25%. 

“The lack of engagement seems to be purposeful vs procrastination. No positive signs/intel anywhere you look,” Balchunas said.

SEC chair Gary Gensler warned in January that the commission’s approval of Bitcoin ETFs shouldn’t “signal” the regulator’s views on the legal status of other cryptocurrencies. Following this, the regulator launched an investigation into the Ethereum Foundation in March in a bid to label the cryptocurrency a security.

Amidst this backdrop, MetaMask creator Consesnys has urged the SEC to recognize the advanced safeguards in Ethereum’s design. The firm added that the regulator’s concerns regarding Ethereum’s susceptibility to fraud and manipulation are unfounded. 

The SEC is expected to announce its decision by May 23. The VanECK spot ether ETF is expected to be the first to be approved or denied. Other filings in the queue include those from ARK, 21 shares, and Hashdex.