RE: SEC vs Bitcoin ETFs
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...and inaccessible to small investors.
Not at all, it will be accessible, but at a higher price. Those who enter the market first and who took the risk (BTC could have gone to 0) will be rewarded and whoever joins later the party has to pay the price. It is always like this. Why it should be different with Bitcoin? It has nothing to do with elites taking over. It is a fundamental law of markets and information. Just look at the AAPL stock, or TSLA, how they developed.
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I get what you are saying. And early adopters of Bitcoin will have to gain from this if they sell. But once they sell, if they want to buy back in, they'll have to compete with institutional investors for the remaining bitcoin.
As for small investors (who already own bitcoin, that's who I was referring to), they have three things going on against themselves:
And the difference is, for a stock the decision can be taken to split or consolidate. For bitcoin, 21m (minus what's been lost) seems written in stone.