I think approving an ETF on XYZ is perpendicular to ruling whether XYZ is a security/commodity/whatever. You can have ETF on anything, and indeed, I believe, ETFs on Bitcoin futures (which aren't commodities, but also not securities) existed before spot ETFs.

So ETH may very well still be ruled a security and still have an ETF on it - the ruling will only influence the legal framework under which the ETF operates, I believe.

Similarly, Howey Test outcome can be independent for ETH itself from any token issued on Ethereum or any other network. (Aside tokens that were clearly designed as scams from the get go, they are at best crowdfunding attempts, and at worst unregulated securities.)

There's also the fact that Gary seems to prefer "regulation through enforcement", therefore the onus is on the SEC to sue all the hundreds of thousands of tokens individually, putting the feasibility of this operation into question.

It's a mess of Gary's making.