Many people in the cryptocurrency market believe that the key modification made by issuers to the Ethereum ETF application for spot trading is beneficial for the Ethereum blockchain, but not for the ETF product itself. Issuers, including Fidelity and Ark, have already cancelled plans to pledge Ethereum for ETFs. Pledging has always been a sensitive issue for Ethereum, as it allows holders to earn profits, raising questions about whether the token should be considered a regulated security by US regulators. Some market participants believe that if ETFs cannot pledge their tokens, the attractiveness of spot ETFs will not be comparable to directly purchasing pledgable Ethereum.