According to Odaily Planet Daily, Bloomberg ETF analyst Eric Balchunas said that due to the lack of meaningful interaction with potential issuers and the unclear regulatory status of Ethereum, the US SEC may reject the application for Ethereum spot ETF on May 23, and such ETF may not appear until the end of 2025.
Faced with rejection, potential ETF issuers like BlackRock, Fidelity, or Ark Invest have two options: either sue the SEC, as Grayscale did with its Bitcoin spot ETF, or file again later. Factors at play include the U.S. election. If former President Trump wins a second term in the White House, the SEC could face a change in leadership. The new chairman could be more cryptocurrency-friendly than Gary Gensler. Balchunas further explained: "If there's a new president, you submit again and maybe you get approved, or you sue. Either way, it's going to take a full year to happen."
