Analysts suggest rumors of SEC reconsidering denial of Ether ETF

Two ETF analysts have announced their reconsideration of the United States Securities and Exchange Commission’s (SEC) potential approval of a spot Ether (ETH) ETF after hearing rumors about the financial regulator. Bloomberg analysts James Seyffart and Eric Balchunas previously predicted that the SEC would deny spot Ether ETF applications. However, they have now changed their prediction, increasing the chances of approval from 25% to 75%. Seyffart suggested that the issue had become increasingly political. The SEC has until May 23 to decide whether to approve or deny VanEck’s spot Ether ETF application. Other ETFs from ARK 21Shares, Hashdex, Invesco Galaxy, BlackRock, and Fidelity are also awaiting a decision from the SEC. VanEck CEO Jan van Eck expressed doubt about the approval of his company’s ETF application in May. Grayscale withdrew its application for an Ether futures ETF on May 7, and Michael Sonnenshein announced his resignation as CEO on May 20. Recent votes by U.S. lawmakers may also impact the SEC’s decision-making process.