ETF analyst Eric Balchunas from Bloomberg News stated that due to a lack of meaningful interaction with potential issuers and the unclear regulatory status of Ethereum, it is likely that a spot Ethereum ETF will not appear until the end of 2025. Faced with rejection, potential ETF issuers such as BlackRock, Fidelity, or Ark Invest have two options: either sue the SEC like Grayscale did with its Bitcoin spot ETF, or file a lawsuit again later. Factors that could affect this include the US presidential election. If former President Trump wins a second term in the White House, the SEC may face leadership changes. The new chairman may be more friendly towards cryptocurrencies than Gary Gensler. If there is a new president, you can reapply, and perhaps you will be approved. Or you can sue. Either way, it will take a whole year to achieve.