The SEC may delay Grayscale’s Bitcoin ETF approval due to anti-competition concerns, as the largest Bitcoin trust firm’s significant holdings may hinder a fair launch.

Amid rising speculation that the U.S. The Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund (ETF). Bloomberg analyst Eric Balchunas suggested that Grayscale’s ETF may be forced to wait behind others to launch.

The US Securities and Exchange Commission (SEC) is concerned about Grayscale’s Bitcoin trust’s size, which could affect its bid to convert it into an ETF. The SEC sees GBTC as unfair due to its embedded aum/volume.