The SEC distinguishes Bitcoin from other cryptocurrencies and considers it to be a decentralized digital cash, exempting it from the classification of "security" that applies to many other tokens.
Recognizing thy unique characteristic of Bitcoin is highly promising development, as it could open the door for many EFTs applicants including BlackRock to gain approval from SEC. This approval has the potential to act as a catalyst, triggering significant buying activity in Bitcoin market. It appears as prominent investors are waiting for this approval to take entry in market.