The SEC recently asked exchanges to update their 19b-4 filings related to the Ethereum ETF Spot product.

ETH earlier today spiked 20% in 24 hours amid fresh rumors surrounding the possible approval of Ethereum ETF Spot exchange-traded funds this week, despite months of pessimism.

According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, there have been “rumors” that the US securities regulator is asking applicants to expedite their 19b-4 filings. This has caused the predicted approval rate in the two analysts' views to increase from 25% to 75%.

On Polymarket, a decentralized betting platform, the odds for an Ethereum ETF Spot approval similarly increased from 11% to 54%.

Ethereum is currently priced at $3,682 and is up 17% since the news broke a little over three hours ago and up 20% in the past 24 hours.

This news comes two days before the US Securities and Exchange Commission is due to make a final decision on VanEck's Ethereum ETF Spot application on May 23.

However, Seyffart clarified that approved 19b-4s must be accompanied by simultaneously approved S-1 registration statements for the Ethereum Spot ETFs to officially go public.

Seyffart said it could take weeks or even months for the S-1 to be signed, even if the 19b-4 is approved this week.

The idea that the SEC could approve 19b-4 and S-1 filings in a two-part process was first noted by Nate Geraci, president of The ETF Store, on May 19.

Other cryptocurrencies have increased in the past 24 hours, including $BTC $ETH $BNB