Will the US SEC approve leveraged Bitcoin ETFs?

The U.S. Securities and Exchange Commission (SEC) has reportedly told at least one asset manager not to proceed with plans for a leveraged Bitcoin ETF.
The report noted that the SEC appears to want to limit new Bitcoin-related products to those that provide unleveraged exposure to Bitcoin futures contracts.
It is understood that recently, the SEC has approved some Bitcoin-related ETFs to start trading, including the ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF.
Later, it was reported that Valkyrie Investments applied to the SEC on Tuesday to launch a 1.25x leveraged Bitcoin futures ETF - Valkyrie XBTO Levered BTC Futures ETF. The fund aims to achieve its investment objectives by investing all or most of its assets in financial instruments that provide Bitcoin reference interest rates and "collateralized investment" exposure.