SEC may decide on Ethereum ETF this week, Bloomberg analysts have raised the approval probability from 25% to 75%.

According to Blockworks, this week may be the decision week for Ethereum spot ETF. Prior to this, industry observers expressed doubt about whether the SEC was prepared to approve such funds. However, Bloomberg analysts have increased the likelihood of SEC approval from 25% to 75%. Ethereum rose to over $3,500 before 5 p.m. on Monday, with a daily increase of about 14%. A person familiar with the application for Ethereum spot ETF told Blockworks that "discussions are underway." However, an SEC spokesperson declined to comment on this. Bloomberg analysts suggested that given that cryptocurrencies have recently become a political issue, regulatory attitudes may change. Donald Trump promised to be a pro-cryptocurrency president if he returns to the White House in the upcoming election. Then, last week, 12 Democratic senators joined the Republicans in passing a resolution to overturn SEC Staff Accounting Bulletin (SAB) 121. This move may indicate that more Democrats are hoping to win favor with pro-cryptocurrency voters, just like Republicans. However, industry observers have raised several reasons why they believe the SEC may not be ready to allow Ethereum spot ETF to start trading.