ChainCatcher news, the U.S. Securities and Exchange Commission (SEC) may approve the exchange to update the 19b-4 application by May 23 or 24. However, this does not mean that the ETF will be approved, because the issuer also needs its S-1 application to be approved before the product can begin trading. A person familiar with the matter revealed that the SEC may take an indefinite time to approve the S-1 document.

Another person familiar with the matter said that a company that is negotiating with the SEC feels that it is on the right track to approval. Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the probability of approval of the spot ether ETF from 25% to 75% after hearing rumors that the SEC may take a more favorable stance on the application.

The SEC is expected to make a decision on the VanEck spot ether ETF on May 23. Currently, seven entities are applying for Ethereum ETFs, namely: BlackRock, Fidelity, Invesco & Galaxy, Grayscale, VanEck, 21Shares & Ark and Hashdex.