Bloomberg ETF analyst Eric Balchunas has expressed doubt over the approval of a spot Ethereum (ETH) ETF by the U.S. Securities and Exchange Commission (SEC) by late May. In an interview on the David Lin YouTube channel, Balchunas cited the delayed approval process as one reason for his pessimism. He stated that the SEC has not yet provided any comments to the ETF issuers, which is a typical part of the regulatory filing process. Balchunas also suggested that SEC Chair Gary Gensler’s belief that Ether is a security, rather than a commodity, could be hindering the approval. Unlike the spot Bitcoin (BTC) ETF, which was approved after Grayscale won a lawsuit against the SEC, Balchunas believes there is currently no pressure on the SEC to approve a spot Ethereum ETF. He concluded that there is little political flexibility for Gensler and that he may not want to approve it anyway.