Recent news that the U.S. Securities and Exchange Commission (SEC) is investigating companies associated with the Ethereum Foundation is consistent with the view that there is no more than a 50% chance of spot ether (ETH) exchange-traded fund (ETF) approval in May, JPMorgan (JPM) said in a research report on Thursday. The bank reiterated its view that approval of these products is unlikely next month, a position first expressed in January. The SEC must make final decisions on some ETF applications by May 23. The regulator approved spot bitcoin (BTC) ETFs in January, stirring speculation in some quarters that versions for ether, the token of the Ethereum blockchain, may follow suit. “If there is no spot ether ETF approval in May, then we assume there is going to be litigation against the SEC after May,” analysts led by Nikolaos Panigirtzoglou wrote.