Bloomberg ETF analyst James Seyffart has been saying that S-1 approval for the Ethereum spot ETF could be completed in "a few weeks," but he also noted that "it could take longer" as the process usually takes up to five months. However, another Bloomberg ETF analyst Eric Balchunas responded that "mid-June is definitely possible," and Balchunas expects the SEC to only have one round of comments on the S-1 amendment, similar to when the SEC provides feedback to spot Bitcoin ETF applicants, a process that takes about two weeks, which is how he came up with the mid-June estimate.
In addition, Delphi Labs' general counsel Gabriel Shapiro also pointed out that the SEC's approval was made by its Division of Trading and Markets under "authorization," and claimed that any of the SEC's five commissioners have the right to challenge the decision within the next 10 days. Digital asset lawyer Joe Carlasare said that although in theory someone might raise such questions, in reality they would not, because the SEC would not approve the decision through the Trading and Markets Division without determining whether there were any objections from the commissioners; Seyffart pointed out that making decisions by authorization is the "norm", because requiring a formal vote on every decision and every document would be "crazy", and he added that even if a review is requested, it is unlikely to have any impact on the approval result. (Cointelegraph)