The U.S. Securities and Exchange Commission (SEC) is set to decide on the approval of a spot Ether exchange-traded fund (ETF) by VanEck. The decision, due on May 23, has sparked a debate on whether Ether is a security or a commodity. The SEC's approval of spot Bitcoin ETFs in January solidified Bitcoin's status as a commodity. However, the fate of Ether is uncertain, with the SEC questioning its status. The approval chances of the Ether ETF have dropped to a "very pessimistic 25%", according to Bloomberg ETF analyst Eric Balchunas. The SEC's stance on Ether as a security could potentially impact the approval of the ETF.