Could you share the source of where you got this news?
Although what is more important is that institutions began to take interest in crypto and that probably help in an organic price rise over the next two to three years till today.
Dont forget that SEC still does not consider bitcoin as a security but also does not persecute someone for owning crypto. The best thing to do is to just buy bitcoin at lower prices instead of being all the secondaries - by secondaries I mean index funds, ETFs, mining hardware and so on, if you get my point.
Totally agree that all the institutional development and adoption is probably more important than an ETF. I do hope the SEC evolves quickly when dealing with crypto. Regulations are fine (and could even be good) to provide a framework for innovation. Just don't put up unreasonable obstacles that will stifle innovation in the US and lag behind vs. the rest of the world.
I read that years ago people thought Gensler was going to be easy on the banks because he was ex-Goldman, but when he became the head of the CFTC, he really went after folks and regulated.