On June 21st, Grayscale recently updated the ETHE disclosure document, pointing out that the trust fund cannot pledge its holdings of Ethereum and obtain rewards, which may put the shares at a disadvantage compared to direct investment in Ethereum. Grayscale said that if the pledge is allowed in the future, it needs to first modify the trust agreement with the SEC, and NYSEArca needs to apply for SEC rule changes. Under the leadership of SEC Chairperson Gary Gensler, the SEC is cautious about the Ethereum pledge, believing that the pledge service may constitute a securities issuance. Although the SEC is open to Ethereum spot ETFs, the pledge issue remains controversial. ETHE long-term discount trading, switching to an ETF structure may reduce this discount.