PANews reported on May 24 that the U.S. Securities and Exchange Commission (SEC) has approved plans for spot Ethereum ETFs by the New York Stock Exchange, Chicago Board Options Exchange, and Nasdaq. The SEC has not yet fully approved the spot Ethereum ETFs, as the issuers' plans still need approval. Specifically, the SEC has approved the 19B-4 forms for eight spot Ethereum ETFs, including those from BlackRock, Fidelity, and Grayscale. Although the forms have been approved, ETF issuers need to have their S-1 registration statements become effective before they can start trading. The SEC has just begun discussions with issuers regarding the S-1 forms, and it is currently unclear how long this process will take, but some analysts speculate it could take several weeks.

Bloomberg ETF analyst James Seyffart added, "I think if they work very hard, it can be done in a few weeks, but historically there are many examples where this process has taken more than three months."