The US Securities and Exchange Commission (SEC) gave the much-awaited ruling on the pending Bitcoin exchange-traded fund (ETF) proposals and it is not the news cryptocurrency industry was hoping for.

Many crypto fans hope a positive decision can start a new bull run for the cryptocurrency market. But, not everyone is interested in the SEC that affects the market for Bitcoin. A group of Bitcoin supporters argues that the SEC or ETF has no role in influencing market sentiment for the world's top cryptocurrency.