no, SEC will most probably reject this ETF and any new ETF in the near future for about a year or two and will not change their stance against bitcoin and its ETFs anytime soon.

and no even if they approve this ETF there will not be any "big" bull runs because you can not change the trend with a simple news. what you can do is that the news can speed up the process. for example now we are in a fixed trend of accumulation then soon after a small rise followed by testing of resistance. and then we have bull run if the resistance is broken.
what positive news can do at this point is that it can speed up the accumulation to reach its end and the "small" rise to begin.