Although the market is optimistic about the approval of spot Ethereum ETF before May 23 this year, JPMorgan reiterated that the possibility of approval for spot Ethereum ETF before May this year is not more than 50%. According to the investment bank, some people believe that the decision of the US SEC not to mention ETH in the lawsuit against cryptocurrency exchanges violating securities laws means that the regulatory agency may classify Ethereum as a commodity in the coming months, which is a necessary condition for the approval of spot ETF. Others believe that the approval of Ethereum-based futures ETF in September last year "means that Ethereum is seen as a commodity."