they will still reject it because they might not want to contribute to even more power for Bitcoin. Don't forget that Bitcoin is a counter reflection of the regular economy; the more Bitcoin increases in value, the more the regular economy deflates.
Totally agree, more likely it will get rejected again because of the market can easily be manipulated by big whales, can't deny it how easily to influence people to buy and sell bitcoin. People follow the profits. The SEC can say ETF proposals aren't adequate to prevent fraudulent and manipulative acts and practices, end of story.
If we think about it, bitcoin ETF has no chance to be approved as most of bitcoin trading volume occurs overseas, no one can guarantee price stability of bitcoin.
Moreover, bitcoin ETF will harm the price as bitcoin futures did to this market, instant pump and then fall to the ground, left many people in miserable debt.