Maybe they would eventually approve it but we don't know for sure when would that happen. There are still so many speculation as to how bitcoin and other altcoin should be treated that's why the stance of SEC when it comes to ETF is still doubtful. Regarding the huge bull run, it may happen when there is an announcement of its approval but I would rather see the price slowly go up than a pump because if its the case then there would a dump afterwards which is not an organic growth.