Compared to a week ago, the market's attitude towards Ethereum ETFs has changed.

A 180-degree turn. Bloomberg Intelligence ETF Analyst

James Seyffart said that he attended a blockchain summit in Washington last week, and almost everyone he talked to said it would be rejected. Among more than 30 people, only one person thought it would be approved. Now it is considered to have a very high probability of passing.

Bloomberg Intelligence ETF analysts Eric Balchunas and James Seyffart said in a subsequent update, “Hearing some talk this afternoon that the SEC may make a 180-degree turn on the Ethereum spot ETF (more of a political issue), this possibility is related to the approval of 19b-4 (proposed stock exchange rule change). The US SEC is expected to make a decision on the VanEck spot Ethereum ETF on May 23. We also need the S-1 (ETF

It could take weeks to months to see the S-1 approved before an Ethereum spot ETF can go live for trading.”

The order of approval of 19b-4 and S-1 can refer to the previous explanation of Bloomberg. Usually, the approval of ETFs can be delegated to SECI staff without the need for a committee vote. The issuer also needs the SEC to sign the final version of its S-1 document, which is the prospectus document of the ETF. The SEC may or may not approve both 19b-4 and S-1 forms at the same time, but the S-1 form is usually approved after the 19b-4 form. If both documents are approved, the ETF can start trading as early as the next business day.

CoinDesk also cited three people familiar with the matter as saying that the SEC asked exchanges to speed up the update of 19b-4 applications, indicating that they may approve these applications before the key deadline of Thursday this week. But this does not mean that the Ethereum spot ETF will be approved. Potential issuers also need their S-1 applications to be approved before the product can begin trading. One person familiar with the matter said that the SEC may take indefinite time to approve

S-1 filing, as it has no expiration date.

As the probability of Ethereum spot ETF approval increases, market attention has also shifted to which companies will apply for Ethereum spot ETF.

James Seyffart statistics show that the current Ethereum spot ETF application companies include VanEck, 21Shares & ARK, Hashdex, Grayscale, Invesco & Galaxy, Fidelity, BlackRock, Franklin, and Bitwise. Among them, the key deadlines for VanEck and 21Shares & ARK spot Ethereum ETFs are May 23 and 24, respectively, which means that we are expected to see the SEC's important attitude towards Ethereum ETFs this week.