With 11 spot bitcoin ETFs approved and trading underway, the broader crypto market is now pondering whether a spot Ethereum ETF will follow — and when.

There is certainly demand for one. Brett Tejpaul, head of Coinbase Institutional, told The Block in a recent interview that there's interest and enthusiasm for a spot Ethereum ETF from its clients and noted that a number of leaders have said they would see value in that kind of a product coming to market.

Yet the issue is not particularly straightforward. The SEC has remained shtum on whether ether is a security, something that would prevent an ETF. It also only begrudgingly approved a spot bitcoin ETF, with two Commissioners objecting. The approval only passed by one vote, including SEC Chair Gary Gensler's — who made it clear the SEC …