PANews reported on May 21 that Bloomberg Senior Analyst Eric Balchunas tweeted that he heard the U.S. Securities and Exchange Commission (SEC) wants to return the revised 19b-4 filing for the spot Ethereum ETF to them by 10 a.m. local time (based on the large number of comments they just received today), and it could be approved as early as Wednesday.

Additionally, according to Cointelegraph citing Bloomberg ETF analyst James Seyffart, the approved 19b-4 must be accompanied by a signed S-1 registration statement to launch the spot Ethereum ETF. Even if the 19b-4s are approved this week, the signing of the S-1 could take weeks or even months.

Previously, Eric Balchunas stated that the probability of the spot Ethereum ETF being approved had increased from 25% to 75%.