Bloomberg analyst: 75% chance of approval only for 19b-4, still requires approval of S-1 document

Bloomberg analyst James Seyffart posted on the X platform: "Briefly stated, Eric Balchunas increases the odds of spot Ethereum ETF approval to 75%. But this is the May 23rd deadline (VanEck's deadline) for 19b-4. We also need S-1 approval. It could be weeks to months before we see S-1 approval and an actual Ethereum ETF go live.
That being said, if we are correct and we see these theoretical approvals later this week, it should mean that the question of S-1 approval is "when" rather than "if."
It is reported that the 19b-4 document is a document filed by an exchange. This type of document is usually related to changes in the rules of the exchange's operation, such as the introduction of new products, changes to the trading mechanism or other relevant exchange policies. Once filed, the SEC will review the proposal and open it for public comment before deciding whether to approve it.
The S-1 document is the registration statement that a company must submit before the public offering of shares. This document provides detailed disclosure of key information such as the financial status, operating conditions, market environment, preliminary pricing of shares, and risk factors of the distribution company.