@finprep excellently described.
Just to add few things on above "We should be hopeful for the petition filed by CBOE (Chicago Board Options Exchange). One of the biggest exchange of this planet.
If you observe why SEC is rejecting the petition, you will find two things:
- Regulation of Bitcoin in any country
- Acceptance by any trading exchange
Earlier, cryptocurrency was not regulated by any country. Now Japan and South Korea has been already regulated this.
COBE itself enabled the bitcoin features option in their exchange (back in January this year)
Lets pray and wait for 10th August 2018, when we will get the announcement from SEC on COBE petition.