Standard Chartered Bank predicts that the SEC will approve a spot Ethereum ETF on May 23. Geoffrey Kendrick, the bank's head of forex, said, "We expect the pending application to be approved on May 23, which is the final deadline for the first batch of ETFs under consideration, equivalent to January 10 for spot Bitcoin ETFs." The bank also predicts that if ETH mimics BTC's pre-approval performance, its potential target will reach $4,000.

Although the market is optimistic about the approval of spot Ethereum ETF before May 23 this year, JPMorgan reiterated that the possibility of approval for spot Ethereum ETF before May this year is not more than 50%. According to the investment bank, some people believe that the decision of the US SEC not to mention ETH in the lawsuit against cryptocurrency exchanges violating securities laws means that the regulatory agency may classify Ethereum as a commodity in the coming months, which is a necessary condition for the approval of spot ETF. Others believe that the approval of Ethereum-based futures ETF in September last year "means that Ethereum is seen as a commodity."

Mark Yusko, founder and CEO of Morgan Creek Capital Management, stated that the probability of the Securities and Exchange Commission (SEC) approving an Ethereum spot ETF this year is less than 50%. Considering the comments made by SEC Chairman Gary Gensler, it appears that US financial authorities are still keeping their distance from virtual assets. Yusco stated that one reason why an Ethereum spot ETF is difficult to approve is that the SEC categorizes BTC as a product, but its position on Ethereum is that it is a security.

The SEC has invited public comments on a proposed rule change that would allow Fidelity to offer shares of its spot Ether ETF. Fidelity filed for approval of the fund on November 17, and the SEC's notice marks the start of a 240-day countdown for the ETF. The filing noted that investors in other countries have had opportunities to gain exposure to Ether through exchange-traded products, while US investors are left with fewer and riskier means of getting exposure to the cryptocurrency.

Bloomberg analyst James Seyffart stated on X platform that Fidelity has submitted a 19b-4 filing for a spot Ethereum ETF, joining the competition for a spot Ethereum ETF.

BlackRock, the world's largest asset management firm with over $8 trillion in assets under management, is challenging the U.S. Securities and Exchange Commission (SEC) to approve spot market Bitcoin and Ethereum exchange-traded funds (ETFs), arguing that they are no different from futures ETFs. The firm contends that the SEC should approve spot market crypto ETFs as it has already greenlighted futures ETFs. BlackRock believes that the distinction created by the SEC between futures ETFs and spot market ETFs is arbitrary and that the regulatory agency is misusing the Investment Company Act of 1940 by applying it to spot ETFs.

BlackRock has confirmed its plans for a spot Ethereum exchange-traded fund (ETF) with the filing of a 19b-4 form to the United States Securities and Exchange Commission. The proposed ETF, called the iShares Ethereum Trust, signals BlackRock's intention to expand beyond Bitcoin. Other financial firms, including VanEck, ARK 21Shares, Invesco, Grayscale and Hashdex, have also expressed interest in cryptocurrency-backed ETFs, with at least five firms in the running to win SEC approval for a spot Ethereum ETF.

BlackRock has reportedly registered an Ethereum trust in Delaware, which could be a preliminary step towards an Ether spot ETF. The company had previously registered a Bitcoin trust before filing for a Bitcoin ETF with the SEC. The trust was registered on November 9th and the agent registered is a BlackRock managing director named Daniel Schweiger. ETH has seen a 5.77% increase in value, but BlackRock has declined to comment on the matter. This is a developing story and more information will be added as it becomes available.