If the SEC grants the CBOE a Bitcoin ETF but denies everyone else, then something smells in Denmark. If they deny everyone a Bitcoin ETF, then something still smells. 

I don't know nothing about nothing but the reasons the SEC gave for turning the down the Winkevii are still there, still unaddressed and always will be as far as I can tell.
http://www.etf.com/sections/features-and-news/sec-rejects-winklevoss-bitcoin-etf
"The rejection hinged on the commission’s belief that the proposed fund and its listing on an exchange required more safeguards and more regulatory oversight. Bitcoin is traded on unregulated markets, which prevents the SEC from entering into “surveillance sharing” agreements that, among other things, help stomp out market manipulation, said Spencer Bogart, managing director and head of research at Blockchain Capital.
The implication here, he says, is that because the disapproval centered on the bitcoin market structure itself—and not on any specific detail of the ETF design—prospects for other bitcoin ETFs to come to market just grew dimmer."
I just get the feeling that people believe ETFs will happen simply because they're super cool and we deserve them. That's not the SEC's problem or feelings.