According to a report from Cointelegraph, Joe Lubin, co-founder of Ethereum, revealed that ETF issuers are actively preparing for Ethereum ETFs backed by pledges and are confident of obtaining approval under the new SEC leadership. Lubin stated that issuers are working hard to develop the best solutions for clients to deal with the complexity of pledging and punishment mechanisms, which will help improve the stability and diversity of the ecosystem. Currently, about 33.7 million ETH (worth about $113 billion) are involved in pledges, accounting for 28% of the total supply. The SEC established a cryptocurrency working group on January 21, led by crypto-friendly commissioner Hester Peirce, to develop a regulatory framework for digital assets. Peirce hinted in an interview last December that the new leadership may push for a more crypto-friendly policy.