Inadequate doesn't men rejected. Plebs seem to think it was rejected. WRONG!!
They will come back, like many companies which submitted their Bitcoin Spot ETFs in many years. Many applications were rejected but I believe that when this market becomes bigger, we will have better regulations and Bitcoin ETFs will no longer be our dream. They will come.
If we already have Bitcoin Futures ETFs, why we can not have Bitcoin Spot ETFs?
Spot ETFs are safer than Futures ETFs.