Several major asset managers, including BlackRock and Fidelity, have recently submitted amendments to their filings with the U.S. Securities and Exchange Commission (SEC) for a spot Ethereum exchange-traded fund (ETF). The SEC is expected to make a decision on these filings by Thursday.

In an effort to secure approval for an Ethereum ETF, top financial institutions such as BlackRock, Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, Grayscale, and Franklin Templeton have all filed amended 19b-4 forms with the regulator. A 19b-4 form is used to notify the SEC of a rule change in a filing.

A total of nine fund managers are vying to launch an Ethereum ETF in the United States. Among them, Grayscale aims to attain approval for both a trust and a mini trust, which would offer lower fees for shareholders.

The recent flurry of amended filings indicates that these fund managers are taking the necessary steps to obtain regulatory approval. If successful, an Ethereum ETF would allow investors to gain exposure to ETH, the second-largest cryptocurrency by market capitalization, by trading shares on a stock exchange.

However, despite these developments, the launch of such ETFs may still be some time away. The SEC has been cautious in responding to the applicants and has previously extended decision deadlines. Analysts had initially predicted that cryptocurrency funds would not be approved by the May deadline set by the regulators.

Nevertheless, recent rumors and speculation suggested that the SEC might be inclined to approve the proposed products, potentially due to political influence. Interestingly, these rumors coincided with a significant surge in the price of ETH, which soared 26% over the past seven days and is currently trading at $3,737, according to CoinGecko.

While the amendments to the filings reflect progress in the pursuit of an Ethereum ETF, the actual launch of these funds could still take several weeks or longer. Market participants will eagerly await the SEC's approval orders for the amended 19b-4 forms, followed by S-1 approvals, before the ETFs can be launched.

The decision of the top Wall Street regulator regarding these Ethereum ETF proposals will have a significant impact on the market and provide further legitimacy to the cryptocurrency industry, opening up new investment avenues for mainstream investors.