JPMorgan is cautious about the Securities and Exchange Commission’s (SEC) approval of spot Ethereum exchange-traded funds (ETFs) in May.

JPMorgan’s Nikolaos Panigirtzoglou suggests that for the SEC to greenlight spot Ethereum ETFs, Ethereum needs to be classified as a commodity rather than a security, a classification not guaranteed by May.

Despite the recent approval of spot bitcoin ETFs, Panigirtzoglou notes that the SEC still views non-bitcoin cryptocurrencies as securities.

JPMorgan had previously proposed placing ether into a distinct category to avoid security classification. While some are optimistic, including Bloomberg Intelligence’s James Seyffart, the outcome remains uncertain.