According to Odaily, Jake Chervinsky, Chief Legal Officer of Variant Fund, has expressed surprise at the potential approval of a spot ETH ETF. He stated that such an event would astonish everyone familiar with Washington's regulatory climate. However, he noted that this does not mean it cannot happen.

Chervinsky suggested that the approval of the ETF could indicate a significant change in the United States' cryptocurrency regulatory policy following the end of the SAB 121 vote. This shift might be more important than the ETF itself.

Previously, the proposal to overturn SAB 121 had passed votes in the House of Representatives on May 8 and in the Senate on May 17. President Biden is expected to make a final decision on the proposal before May 28.