The US Securities and Exchange Commission (SEC) has recently put off its decision on Grayscale Investments' application to launch a spot Bitcoin ETF.
According to the regulator, it needs more time to study the company's ability to curb fraudulent or manipulative practices in the spot market.
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Notably, the SEC is also interested in the extent of its liquidity and transparency compliance as an underlying asset for an exchange-traded fund.
The commission is expecting public comments within the next 21 days. Responses will be sent within the next two weeks after that.
Bloomberg analyst James Seyffart believes that the final verdict on Grayscale's application should be expected on July 6.
Last February 2, the SEC postponed its decision on a similar Bitwise application.