More likely I think now SEC has two options they can just delay the deadline or simply reject the ETFs which seems a bit hard due to the ongoing case. A timeline thread is given by a Twitter analyst I think it's worth considering. As he said if approve then boom if not there can be temporary fud.
They have two options but the second option, reject Bitcoin Spot ETF sounds stupid. We can exclude it and SEC only have one option which is a best one for them, delay their approval as long as possible. It is what they are doing.
Top House Republicans Blast Gensler SEC’s Lack of TransparencyIt is a big risk for Gary Gensler and he does not want to put his career at the end by rejecting Bitcoin Spot ETF.
Read the full letter to SEC Chair Gensler
here.