Ethereum spot ETF on the horizon? Expected to be approved by 5/23? ETH surges 18% to $3,640

According to analysts from Bloomberg, the SEC is reportedly urging exchanges to accelerate the submission of the Ethereum spot ETF 19b-4 filing. Bloomberg analysts have raised the probability of the Ethereum spot ETF passing on 5/23 to 75%, leading to an 18% surge in ETH, which was trading at $3,640 before the deadline.

Bloomberg Analyst Raises Win Rate to 75%

According to a tweet by Bloomberg analyst and Fox Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) is reportedly asking exchanges to expedite the submission of the Ethereum spot ETF 19b-4 documents. There is speculation that the SEC may make a 180-degree turn on this due to political reasons, and the Bloomberg analyst has raised the probability of the Ethereum spot ETF passing on 5/23 to 75%.

What Needs to Be Done Before the Deadline of 5/23?

5/23 is the deadline for the VanEck Ethereum ETF and Bitwise Ethereum ETF, where five commissioners, the same ones who reviewed the Bitcoin ETF, will vote to determine whether to approve or reject the application for the Ethereum spot ETF. If the vote results in a tie of 2:2 like last time, the deciding vote will be with SEC Chairman Gary Gensler.

With three days left for the Ethereum spot ETF review, will Gary Gensler's crucial vote determine its fate?

As the deadline of 5/23 approaches, what documents do these ETF issuers and exchanges still need to submit to ensure approval within the next 2 days?

Firstly, exchanges need to submit the 19b-4 exchange rule change, and ETF issuers need to submit the S-1 registration statement. Based on the previous example of the Bitcoin spot ETF, although these documents require multiple revisions, technically the SEC could approve the 19b-4 first and then slow down the progress on the S-1.