According to Cointelegraph: The decentralized betting platform Polymarket is facing criticism following a multi-million dollar bet on whether an Ethereum ETF would get approved by May 31. The platform declared a 'Yes' result following the U.S. Securities and Exchange Commission's (SEC) greenlight for the Ethereum ETF 19b-4 filings, leading to disagreements among users who bet against the approval.
![](https://public.bnbstatic.com/image/cms/content/body/202405/1c4e3f4074a9986dccd7dd7214a53028.jpeg)
Critics argue that full approval for an ETF involves both the sanction of the 19b-4 filing and the Form S-1, and assert that the latter has not yet happened. The controversy signals ambiguity around the term 'approval.' Some see the SEC's 19b-4 clearance as final, claiming Form S-1 approvals invariably follow. Meanwhile, dissatisfied parties contend ETFs cannot be deemed 'approved' without both forms' endorsement.
![](https://public.bnbstatic.com/image/cms/content/body/202405/fa1f424e3f8f7be22bff5a9bc899ce03.jpeg)
Representatives from Polymarket and UMA, the blockchain oracle platform overseeing information disputes on Polymarket, are yet to comment.