Odaily Planet Daily News Bloomberg ETF analyst Eric Balchunas said that due to the lack of meaningful interaction with potential issuers and the vague regulatory status of Ethereum, the US SEC may reject the application for Ethereum spot ETF on May 23, and such ETFs may not appear until the end of 2025. Faced with rejection, potential ETF issuers such as BlackRock, Fidelity or Ark Invest have two options: either sue the SEC as Grayscale did with the Bitcoin spot ETF, or file a lawsuit again later. Influencing factors include the US election. If former President Trump wins a second term in the White House, the SEC may face a change in leadership. The new chairman may be more friendly to cryptocurrencies than Gary Gensler. Balchunas further explained: "If there is a new president, you submit your application again, maybe you will be approved, or you sue. In any case, it will take a full year to achieve." (DL News)