According to Jinshi, many crypto market participants believe that the key changes made by issuers to the spot Ethereum ETF application are good for the Ethereum blockchain, but not good for the ETF product itself. Issuers including Fidelity and Ark have canceled plans to pledge Ethereum ETFs. Pledges have always been a sensitive issue for Ethereum because they enable holders to earn returns, raising questions about whether the token should be considered a security regulated by U.S. regulators. Some market participants believe that if the ETF cannot pledge its tokens, then the attractiveness of the spot ETF is less than directly purchasing pledgeable Ethereum.