One somewhat minor misconception I think many have regarding the approval denial process is that a decision will be made ON March, 11. There is no meeting on March 11 where this issue will be decided. The SEC has UP TO March 11 to make a decision however that decision could be made at any time until that date.
Likewise, they do not have to decide.
There are at least three options: approve, disapprove, or do nothing. The "do nothing" option results in the equivalent of approval of the rule changes by default.