Decentralized prediction market platform Polymarket, which allows users to speculate on the outcomes of various real-world events, received more than $10 million in wagers on whether spot Ethereum ETFs will be approved by May 31, according to its website.

After a dramatic turn of events earlier this week, the SEC has started engaging with prospective issuers and it now appears likely spot Ethereum ETFs will be approved for trading in the United States. Unsurprisingly, this has been reflected in the betting on Polymarket, where the odds of approval have shot up from 11% to 66%.

However, there is a catch. It's unclear what the market will count as "approval," meaning that betters may be left at odds with the result.

For context, the approval process has two parts. First, the SEC needs to …