The SEC has postponed its decision on VanEck's Ether ETF to May 23, inviting public commentary.

There is an ongoing SEC investigation into Ethereum's classification as a security, including subpoenas to U.S. firms connected to the Ethereum Foundation.

The uncertainty surrounding Ethereum's classification has led to a downturn in its market value, with a 15% drop over the past week to approximately $3,300.

The likelihood of approval for an Ethereum ETF appears slim, posing difficulties for Wall Street firms eager to list such products.

The SEC's actions represent a broader challenge for the crypto industry, which is already facing regulatory hurdles despite recent Bitcoin ETF approvals.

The final determination on whether Ether will be classified as a security, currency, or commodity remains in flux.