Analysts suggest that the SEC may reject spot Ether (CRYPTO:ETH) ETFs based on details unearthed from a March filing, indicating a possible consideration of Ether as a security.

The filing for BlackRock's spot Ether ETF called for feedback on its classification as a commodity, raising concerns about potential denials.

Despite speculation by Bloomberg ETF analyst Eric Balchunas, the odds of SEC approval for spot Ether ETFs appear slim.

Pending decisions on VanEck's application and others could hinge on whether the SEC deems Ether a security or commodity.

Despite previous statements from Chair Gary Gensler, reports suggest a probe into Ether's classification, adding anticipation to Gensler's upcoming speech on May 23.