The US Securities and Exchange Commission (SEC) has started the approval process for Ethereum exchange-traded funds (ETFs). Discussions between the SEC and potential issuers of Ethereum ETFs are ongoing. While some experts predict an imminent approval, others believe the process may take longer. Eric Balchunas, a Senior ETF Analyst at Bloomberg, expects the SEC to issue an announcement on May 23. Consensys CEO Joseph Lubin believes that the 19b-4 applications will be approved, but the S-1 files may cause a delay. Lubin also notes that the SEC is under pressure to maintain a neutral stance on the cryptocurrency industry ahead of the US presidential elections. The approval of an Ethereum ETF could lead to a significant increase in the price of Ethereum, with some analysts predicting it could reach $10,000.

The price of Ethereum (ETH) has surged to $3,900, driven by optimism ahead of the SEC's decision on the Spot ETH ETF.