Surprising Development for Ethereum: Expectations Increased, SEC Met with Stock Exchanges

According to CoinGecko data, the Ethereum (ETH) price rose nearly 20% in the last 24 hours and rose above $3,700.

According to CoinDesk, the US Securities and Exchange Commission (SEC) contacted exchanges that wanted to list spot Ethereum ETFs and asked them to update their applications.

Until a few days ago, analysts thought it was unlikely that the SEC would approve spot Ethereum ETFs this month. The SEC's unexpected contact with the exchanges changed perceptions.

The SEC is expected to make a decision on VanEck's application for a spot Ethereum ETF on May 23.

The SEC's request that exchanges update their 19b-4 filings does not mean that ETFs will definitely be approved. For this, issuers' S-1 applications will also need to be approved.

According to Bloomberg Intelligence ETF analysts Eric Balchunas and James Seyffart, the likelihood of 19b-4 applications being approved has increased from 25% to 75% following discussions with exchanges.