SEC now appears more likely to approve spot Ethereum ETFs

The Securities and Exchange Commission (SEC) staff informed exchanges on Monday that the agency is "leaning" toward approving spot ether ETFs, according to a report in Barron's that cited anonymous sources.

"What changed is that SEC staff on Monday told exchanges where the products would list that it is leaning toward approving them, according to people familiar with the matter," Barron's reported. "The agency provided comments on the applications that, if resolved in time, could result in approvals as soon as this week."

The news on Monday that the SEC might be reconsidering its stance on spot ether ETFs sent shockwaves through the crypto world and caused the price of ETH to surge. Bloomberg ETF analysts were the first to suggest that the U.S. government might reverse its position on Ethereum-based products, given changing political dynamics.

The first deadline for a series of proposed spot ether ETFs is May 23, with VanEck's proposal being the first in line.