Bloomberg ETF Analyst: SEC May Reject Ethereum Spot ETF Application on May 23

According to DL News, Bloomberg ETF analyst Eric Balchunas said that the US SEC may reject the application for Ethereum spot ETF on May 23, due to lack of meaningful interaction with potential issuers, and the unclear regulatory status of Ethereum. Such ETFs may not be seen until the end of 2025.Potential ETF issuers such as BlackRock and Fidelity have two choices when faced with rejection: either sue the SEC like Grayscale did with Bitcoin spot ETF, or file another lawsuit later.However, if former President Trump wins a second term in the White House, the SEC may face a leadership change. The new chairman may be more friendly to cryptocurrency than Gary Gensler. Balchunas further explained: "If there is a new president, you can reapply, maybe you will get approval, or you can sue. In any case, it will take a whole year to achieve."