Key Points:

• Grayscale’s Craig Salm is confident in May’s approval for spot Ethereum ETFs, despite SEC engagement concerns.
• Bloomberg analysts cut approval odds to 25%, citing SEC disengagement.
• The SEC previously approved Ether futures ETFs, with various firms, including BlackRock and VanEck, awaiting spot Ether ETF decisions.

Despite recent concerns over the U.S. Securities and Exchange Commission’s (SEC) engagement with applicants, the Chief Legal Officer of Grayscale remains confident in the approval of spot Ethereum ETFs in May.

May Approval Expected for Spot Ethereum ETFs

Craig Salm expressed optimism, noting that many issues common to spot Ethereum ETFs had already been resolved before spot Bitcoin ETFs were approved. Salm emphasized the SEC’s prior engagement, stating that issuers have less to discuss this time around.

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Bloomberg ETF analysts Eric Balchunas and James Seyffart, however, have lowered the odds of an approved spot Ethereum ETF in May to 25%, citing concerns over the SEC’s apparent lack of engagement. The SEC previously delayed its decision on the approval of Grayscale Ethereum Futures Trust’s Ethereum ETF application, with a new deadline set for May 30.

The Securities Exchange Act of 1934 mandates a timeframe of 180 days for the SEC to make a decision on proposed rule changes. Grayscale submitted its application in September, with the SEC postponing its decision in November, according to recent filings.

Firms Await Spot Ether ETF Approval by May 23

Despite these delays, it’s worth noting that the SEC had previously approved a series of Ether futures ETFs in October 2023, including offerings from ProShares, VanEck, and Bitwise.

Various firms await SEC approval for spot Ethereum ETFs, including BlackRock, VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, Franklin Templeton, and Hashdex. VanEck’s application deadline is May 23, with analysts anticipating decisions for all applicants on that date.