Inadequate means that they have found a reason to reject the application, not a reason to reject the ETF filing itself.
From what I've read, they require some additional clearing from the applying parties, so the filing is in play. It was not rejected yet and the SEC seems to be playing dumb, like they don't understand what the applications are for, but they do. The applications are prepared by and consulted with former members of the SEC and lawyers who worked for them. It's obvious the filings will not be as clear as possible and will not be missing any required documents.
A rejection is still a rejection, meaning that the coming of the Bitcoin ETF is still in the future, with more possible delays incoming.
They are trying to delay it but submitting additional documents will not take long. The SEC might earn a few weeks at best with what they are doing but they will have to formally approve or reject it this year. They asked for additional info and they got it on the same day. SEC wanted the companies to name the platform used for trading and CBOE has refiled on the same day stating that they'll use Coinbase. So these refilings are being done almost instantly, I doubt this move will earn Gensler enough time.
For the Bitcoin price this is not good as we will probably see a disappointed slump back to the 20k's due to the fact that all the people who were excited about the ETF are taking their investments back out.
Oh really?
I still see 30k.