PANews reported on May 24 that according to Cointelegraph, Bloomberg ETF analyst James Seyffart has consistently stated that the S-1 approval for an Ethereum spot ETF could be completed "within weeks," but he also noted that "it could take longer" as the process typically takes up to five months. However, Bloomberg ETF analyst Eric Balchunas responded, saying, "Mid-June is definitely possible." Balchunas expects only one round of comments on the S-1 amendment, similar to the feedback provided by the SEC to spot Bitcoin ETF applicants. He pointed out that this process takes about two weeks, which is how he arrived at the mid-June estimate.

However, Gabriel Shapiro, General Counsel at Delphi Labs, pointed out that the SEC's approval is made by its Division of Trading and Markets under "delegated authority," and claimed that any of the five SEC commissioners have the right to challenge this decision within the next 10 days. Digital asset lawyer Joe Carlasare commented that while it is theoretically possible for someone to raise such a challenge—"it practically won't happen." He stated, "They won't approve this decision through the Division of Trading and Markets without ensuring that no commissioner opposes it." Seyffart seems to disagree with this view, noting that making decisions under delegated authority is "the norm" because requiring a formal vote on every decision and document "would be insane." He also added that a request for review is unlikely to affect the approval outcome.