I don't think they should have an Bitcoin ETF because first off it cannot be controlled. A group of Bitcoin holders or companies with the hash power might have control if they come together to try to control it. N That would defeat the purpose of decentralization also Bitcoin loses it's appeal. Therefore type of control that SEC wants from Bitcoin would make it centralized. For that reason it defeats the purpose of having an ETF. Bitcoin should not be controlled that way, because of it's decentralized nature. SEC wants control, not decentralization.
Anyway an ETF would mess up the whole market, because there be hoarding going on. In the future if fiat currency fail everywhere, they be hoarding Bitcoins. I see that's where the battle is. It's not the ETF, but fiat currency failure, raising Bitcoin constantly that no one wants to sell it immediate. Then coins like Litecoin and Bitcoin Cash would be in demand. That's how it's going to happen probably.
** Disclaimer This blog is based on my opinions. I am not giving professional advice. Anything written here should be taken as an opinion and is the responsibility of the reader to take due diligence as such. Basically saying I may be wrong, right or neither, just saying its my opinions and my voice.