Regulatory uncertainty could be the cause for yet more delays in the approval of long-awaited Bitcoin exchange-traded products.

Speaking on CNBC’s “ETF Edge” on Oct. 12, Rosenbluth stated that while a Bitcoin futures product is likely to be the first crypto ETF to gain approval, he cautioned that the current clouded regulatory situation could cause further delays.

There are more than 20 crypto asset-based exchange-traded products waiting for Securities and Exchange Commission approval, and the regulator is yet to pass any, instead kicking the can down the road on multiple occasions.

Crypto asset investors may have a longer wait for a Bitcoin futures exchange-traded product according to Todd Rosenbluth, the senior director of ETF and mutual fund research at research firm CFRA.

Van Eck Associates CEO, Jan van Eck, commented that the primary concern for the SEC is the discrepancy between actual Bitcoin prices and the price of the futures contract, in addition to the potential of funds getting too large.

When there is a Bitcoin rally, futures strategies can underperform by as much as 20% a year, he stated before adding “the SEC wants to have some visibility into the underlying Bitcoin markets.”

Any speculation over a possible delay could hit the Bitcoin price as analysts had suggested that big investors may be buying up BTC in anticipation of an ETF approval this month. The asset has rallied 37.5% over the past fortnight to reach a local top of $58,000 on Oct. 12, but more regulatory procrastination could quash current market momentum.