3. SEC used your excitement to control the market price of bitcoin to some extent. With every delay announcement, market took a dip because you guys thought this ETF will be a great addition to the market. Wrong!
Did this actually happen? I know a few people were upset by the delays and the eventual rejection, but I never really observed any significant market reaction besides the initial one that bumped prices up to $8k.
But yeah, people waiting for an ETF approval shouldn't hold their breaths. Here is a roadblock that probably cannot be addressed in the near future:
Rather, the Commission is disapproving this
proposed rule change because, as discussed below, the Exchange has not met its burden under
the Exchange Act and the Commissions Rules of Practice to demonstrate that its proposal is
consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the
requirement that a national securities exchanges rules be designed to prevent fraudulent and
manipulative acts and practices
There are other ETFs pending for approval if I remember correctly, and if the SEC can be at least a little consistent with their rulings, they're going to get denied as well.