Nate Geraci, the President of ETFStore, posted on social media that the SEC currently has three options:

1) Approve a spot Ethereum ETF.

2) Force the closure of Ethereum futures ETFs (which were only allowed in October).

3) Deny and possibly face litigation for allowing Ethereum futures ETFs.

There are some subtle differences here, but these are the options. #2 and #3 don't seem to hold up.