JPMorgan analysts believe the SEC's scrutiny of Robinhood (NASDAQ:HOOD) over its crypto operations won't affect the approval of spot Ethereum ETFs. Despite Robinhood facing a Wells notice for potential enforcement related to cryptocurrency trading, the analysts see a path for Ethereum ETFs similar to Bitcoin's, possibly facing legal challenges but ultimately gaining approval. The market's reaction has been muted, with Grayscale shifting focus towards converting its Ethereum trust into a spot ETF, anticipating regulatory decisions by May 23.