SEC besides Heist Pierce is apparently against cryptocurrencies. This is ugly truth.
I actually prefer the SEC to keep rejecting these proposals. Let's be honest, aside from speculative incentives there is nothing good that comes from them.
In the end, institutions will enter on a large scale anyway. If it isn't made easy for them by entering through ETF's, they will work on their own ways to enter in a fully compliant manner. Bitcoin is too interesting for them to let the SEC dictate the market. I just hope that whatever happens, it will take some years in order to have the crypto ecosystem actually be ready to see insane amounts of money flow in.
Last year was really embarrasing and a clear demonstration of how crypto just couldn't handle the increase in traffic. In other words, it failed hard.
Yes, I believe that SEC has no intention of waging a war against crypto, because they are smart enough to know that they will hardly come out victorious in the end. IMO what SEC has been doing recently is making a show of protecting U.S. investors. Obviously they couldn't embrace crypto at once without such a show, but, on the other hand, the show can't be extended for too long. I think we'll be watching it for 2-3 months max and that would be it. 