Almost certainly nothing will happen. Rejected ETF will never get listed.
However, for bureaucratic reasons, the Securities and Exchange Commission itself has announced that it will examine the decision again.
It works like this: although there are still other proposals on the table, Commissioner Hester Pierce, who is famous for her open support for these financial products, has announced on Twitter that the Commission can review staff decisions, as in theory can happen in this case.
In fact, the Commission (i.e. the President and the Commissioners) delegates certain tasks to its staff, who of course act on behalf of the Commission. Consequently, any decision taken may be reviewed.
The SEC secretary, Brent Fields, wrote a letter to NYSE senior counsel David De Gregorio:
“This letter is to notify you that, pursuant to Rule 43 I of the Commission’s Rules of Practice, 17 CFR 20 I .43 1, the Commission will review the delegated action. In accordance with Rule 431 (e), the August 22 order is stayed until the Commission orders otherwise“.
Similar letters were also sent to the NYSE Group and the CBOE Global Markets.
In short, this is a procedure that has already been followed in the past for example with the ETF request on bitcoin of the Winklevoss brothers, but that will hardly lead to a different outcome from the previous one.