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Galaxy Digital Research Director Alex Thorn said the spot Ethereum ETF approval is unlikely to come in May.

Alex Thorn recently stated that the approval of the spot Ethereum exchange-traded fund by the SEC is unlikely to come in May.

The experienced figure cited the restricted discussions with ETF issuers by the SEC and statements regarding “securities” as the basis for his prediction.

The Regulatory authority’s reserved attitude towards companies wanting to issue a spot Ethereum ETF has increasingly diminished the likelihood of approval expected in May. The regulatory authority expressed doubts about the security of Ethereum’s staking mechanism in previous statements.

Bloomberg’s senior ETF analysts recently reduced the likelihood of approval for the spot Ethereum ETF in May from 70% to 30%.

Considering Ethereum as a security rather than a commodity unlike Bitcoin, the SEC had recently initiated an investigation into the Ethereum Foundation.

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