The US Securities and Exchange Commission yet again has deferred making a decision on whether to approve the first US exchange-traded fund that invests directly in Bitcoin, despite speculation building that approval is just around the corner.

The primary US securities regulator deferred on a filing from Hashdex to convert its existing Bitcoin futures ETF into a spot fund, according to a document posted on its website Wednesday.

The SEC had until Nov. 17 to respond to the crypto asset manager’s application, which was filed in September. The regulator said it is delaying the decision to 2024, a move they have already done for a number of other ETF hopefuls.

“It’s really not that surprising, the SEC goes early on decisions like this fairly frequently,” said James Seyffart, an ETF analyst with Bloomberg Intelligence.

The SEC also delayed action on Grayscale’s attempt to launch a new Ether futures ETF.

Bitcoin was up 5.8% to $37,661 as of 3:14 p.m. in New York.

--With assistance from Lydia Beyoud.