Breaking! Major News from the US SEC: Bitcoin Breaks $70,000, Ether Soars Nearly 17%

Bloomberg analyst Eric Balchunas stated that he has increased the likelihood of a spot Ethereum ETF being approved from 25% to 75%.

He mentioned that he heard some rumors this afternoon that the US Securities and Exchange Commission (SEC) might make a 180-degree turn on this issue (as it becomes increasingly politicized), so now everyone is scrambling to prepare (like us, others also originally thought it would be rejected).

Bloomberg analyst James Seyffart posted on the X platform, saying: "In short, Eric Balchunas has increased the odds of a spot Ethereum ETF being approved to 75%. But this is in reference to the May 23 deadline for 19b-4 (VanEck's deadline). We still need S-1 approval. It could take weeks to months to see the S-1 approval and the actual launch of the Ethereum ETF. That said, if we are correct and we see these theoretical approvals later this week, it should mean the question of S-1 approval is 'when' rather than 'if.'"

It is known that the 19b-4 filing is a document submitted by an exchange, typically associated with rule changes to the exchange's operations, such as introducing new products, modifying trading mechanisms, or other related policies. Once submitted, the SEC reviews the proposal, seeks public comment, and then decides whether to approve it. The S-1 filing is a registration statement that a company must submit before going public. This document provides detailed disclosures about the issuing company's financial condition, operations, market environment, initial stock pricing, and risk factors.

Following this news, Ether (ETH) reached $3,590, hitting a new high since mid-April, with a daily gain of nearly 17%.

According to CoinDesk, three sources stated that the SEC has asked exchanges to expedite updates to their 19b-4 filings regarding spot Ethereum ETFs, indicating that they might approve these applications by this Thursday. However, this does not mean that the Ethereum ETF will be approved, as potential issuers still need to obtain S-1 application approval before these products can start trading. One insider mentioned that the SEC might take an uncertain amount of time to approve the S-1 filing since there is no deadline for this.

According to a Fox Business journalist, a spot Ethereum ETF issuer told him that the situation (regarding ETF approval) is "developing in real-time."