Ontario Securities Commission and the British Columbia Securities Commission are more or less the same as US SEC, if I'm not mistaken. So, this is a good example for SEC on how to deal with technologies of the future. You can't either ignore them or reject them continuously because with this kind of behavior you may find yourself stuck in the past to such a degree that no one respects you anymore.
It's not dealing with technology. It's dealing with bitcoin derivatives. We don't even know if this trust/fund are actually holding bitcoins on behalf of the investors. I have a feeling that more or less they are simply trading bitcoin futures or options instead of actual, real bitcoins.
Also, this is not an ETF, which is what the SEC is primarily concerned with deciding at the moment.
I wouldn't get too hyped about this news to be honest. It's obviously not bad news considering the fact that it allows investors to get an investment into bitcoin in a tax effective way, but it's most likely not going to benefit any average bitcoin users, nor is it going to be even anything related to actual bitcoins stored on chain tbh.