This step makes sense as, in principle, the same market factors that would approve a bitcoin spot ETF are present for ether. The asset is not as large in market cap or as liquid as bitcoin, but that is not a prerequisite for an ETF wrapper. And nor should the proposal be impacted by the lack of regulatory clarity around ether, whether or not it is a security. The ETF shares will be securities, the underlying asset could be or not, it shouldn’t matter. The SEC will be mainly concerned with market transparency, which is essentially the same for both assets. There could, however, be some issues around whether or not staking rewards could be distributed, that might become a legal question.