At first there will definitely be hype.

People in the short term will buy up this news due to FOMO, in my opinion. However, in the long run, it's safe to say that there will essentially be no longlasting effects that an approved ETF would bring. Perhaps, it could lead to more market manipulation, even.

And that's only given that the unapproved, upon review ETFs are going to get approved. At this stage, it's very unlikely even though deadlines have been postponed that there is a serious possibility that previous precedents would be reversed.