The United States Securities and Exchange Commission (SEC) has once again delayed its ruling on whether to approve Grayscale’s application for a (BTCExchange-Traded Fund (ETF) citing the familiar concerns about manipulation, liquidity, and transparency.

The SEC published a Friday afternoon notice. Concerns have been raised about the conversion of Grayscale’s Bitcoin Trust (GBTC), by the digital asset manager, into a spot exchange-traded fund. Namely, the regulator wasn’t convinced that Grayscale’s proposal was designed to prevent alleged fraud and manipulation in the Bitcoin market. These issues were addressed by the SEC, who gave interested parties 21 days for their comments.