I guess the main thing we learned with the SEC rejection for a Bitcoin ETF is that there is still a lot to be done before the governemnt can see Bitcoin has a good thing. We still need to educate the government on what is actually the potential of this new tech.
It might not be about educating the government,their view point is highly critical of the fact that it is not governed by a single body and hence people might lose money and in the case of a manipulation no one is held responsible for it and that you cannot protect the investors interest,may be that is what they are thinking from SEC stand of views and in order to accept something entirely different they need more time rather than risking and going forward and accepting it.