SEC's attitude changes 180 degrees, ETH soars

On May 20, according to CoinDesk, people familiar with the matter said that the US SEC asked potential issuers to speed up the update of 19b-4 applications for spot Ethereum ETFs (19b-4 is a form used to inform the SEC of rule changes that allow funds to be traded on exchanges), indicating that they may approve these applications before the key deadline this Thursday.

Subsequently, Bloomberg ETF analyst Eric Balchunas said on social media: "James Seyffart and I raised the chances of approval of the spot Ethereum ETF from 25% on Monday to 75%. This afternoon, I heard that the SEC may make a 180-degree turn on this issue (increasingly political), so everyone is busy (like us, others think they will refuse)".

It is reported that the SEC needs to make a final decision on VanEck's spot Ethereum ETF application by May 23. Bloomberg ETF analyst James Seyffart said that the launch of the spot ETF also requires the approval of the S-1 application, so it may take several weeks or even months.

Subsequently, James Seyffart listed all the applications for Ethereum spot ETFs. The US SEC will face the deadline for multiple ETF applications this week. Eric Balchunas replied: "I heard that the SEC hopes that the revised 19b-4 document will be submitted before 10 am tomorrow, and it may be passed as early as Wednesday."

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