The U.S. Securities and Exchange Commission is again delaying a decision on approving a Bitcoin exchange-traded fund, disappointing virtual-currency fans who have been speculating that the regulator would soon green-light the proposal by Cboe Global Markets Inc.

The SEC on Monday asked for additional comments on a plan by Cboe to list an ETF from VanEck Associates Corp. and SolidX Partners Inc., according to a statement. Bitcoin kept its gains after the announcement, rising about 10% at 4:07 p.m. in New York.

The delay does not “indicate that the Commission has reached any conclusions with respect to any of the issues involved,” the regulator said. A Cboe representative declined requests for comment.

“It’s not a big surprise that the SEC is putting off this decision,” said Bloomberg Intelligence analyst Eric Balchunas. “But given that their issues are with the underlying Bitcoin market, not sure why they just don’t deny it as opposed to stringing along the crypto faithful with false hope.”

The SEC previously postponed making a decision on the fund and rejected an exchange’s request last year to list a Bitcoin ETF backed by Tyler and Cameron Winklevoss.

The agency has also urged issuers to address a wide array of risks associated with a potential crypto fund, including manipulation, sufficient liquidity, and custody.

Speculation had swirled on the Internet in the days leading up to an ETF conference that Commissioner Hester Peirce’s appearance at the event was a signal that approval was nigh. The hype helped fuel a rally in Bitcoin on Monday that saw the largest digital asset soar as much as 17%. The wagers had gained traction because Peirce, who has been the most avid proponent of digital assets among her peers, had previously come out in favor of approving a fund.

This article was provided by Bloomberg News.