Odaily Planet Daily News JPMorgan analysts expect spot Ethereum ETFs to start trading by November. JPMorgan analyst Kenneth Worthington pointed out in the report that the approval of spot ETH ETFs and its broader cryptocurrency issues are becoming increasingly political before the 2024 US presidential election. The U.S. Securities and Exchange Commission (SEC) has approved the 19b-4 forms of eight spot ETH ETF applicants, including Grayscale, Bitwise, BlackRock, VanEck, Ark 21Shares, Invesco, Fidelity and Franklin, but the S-1 registrations of these ETFs still need to be signed by the SEC before trading can begin. Analysts expect trading to begin in the next few weeks. The report pointed out that the ETF issuer deleted the content about pledge from the 19b-4 application form, which may be a key factor in the approval. At present, whether ETH pledge can be regarded as a securities investment contract under the Howey test is still controversial in the industry. The SEC remains cautious about this.