What is affect of SEC's decision with Bitcoin and crypto market?

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The US Securities and Exchange Commission (SEC) gave the much-awaited ruling on the pending Bitcoin exchange-traded fund (ETF) proposals and it is not the news cryptocurrency industry was hoping for.

Many crypto fans hope a positive decision can start a new bull run for the cryptocurrency market. But, not everyone is interested in the SEC that affects the market for Bitcoin. A group of Bitcoin supporters argues that the SEC or ETF has no role in influencing market sentiment for the world's top cryptocurrency.

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The U.S. SEC has set October 26th as the deadline for public commentary pertaining to the nine cryptocurrency exchange-traded funds that it rejected on the 22nd of August.
Last month, the SEC published an “order instituting proceedings to determine whether to approve or disapprove a proposed rule change to list and trade shares of Solidx bitcoin shares issued by the Vaneck Solidx Bitcoin Trust,” with the regulator also requesting further public comments regarding the proposed ETF.