I think that the reason why the spot ETF is constantly being rejected is because its sort of a point of no return for institutions. If approved, its sort of a stamp of approval by the establishment that Bitcoin is legitimate. Whether you like it or not, this matters. Institutions will start going into Bitcoin in earnest and start having a vested interest in Bitcoin. Its a very poor substitute for self custody, but it will strengthen Bitcoin's game theory by a lot.

SEC is going beyond their remit. They cannot regulate what they are trying to regulate because it is not part of the law.

Haha idk why but that is very funny to me