The U.S. Securities and Exchange Commission has once again postponed the approval of the Bitcoin ETF, and its fate is uncertain.

According to the latest news, the U.S. Securities and Exchange Commission (SEC) has once again postponed the Bitcoin exchange-traded fund (ETF) proposed by brothers Cameron Winklevoss and Tyler Winklevoss, postponing the final decision date from the original January 10, 2017 to March 11 , by which time a new U.S. president will be sitting in the White House.

While the delay was not unexpected, industry observers believe the transition of government power will make the future of ETFs uncertain.

Chris Burniske, head of blockchain products at Ark Investment Management (ARK), said that SEC Chair Mary Jo White’s plan to step down with President Obama may be just the beginning of internal changes.

Burniske told CoinDesk:

“Because the possibility of a rollover is so high, it’s easy for a lot of things to be delayed. The SEC may not have the time to deal with the ETF, so it’s delayed.”

This is just the latest delay by the SEC in making a final decision on the Winklevoss twins' ETF, which has been delayed multiple times before.

Neither brother has commented on the delay at this time due to regulatory restrictions.

To approve or not to approve?

Although this is the latest postponement, it is important to note that the maximum postponement allowed by law is 240 days.

Traditionally, the SEC would either approve the request outright or delay making a decision, giving the brothers the opportunity to withdraw their application with dignity.

Burniske concluded:

“As has been the case in the past, either the SEC will approve the ETF or the ETF application will be withdrawn before it is rejected.”

Bitcoin ETF has always been considered as an important driving force for Bitcoin to gain mainstream use. Many people believe that ETF is likely to be officially approved in 2017, so this delay has made the future of ETF confusing again. However, it is only the first week of 2017, and the approval of ETF is not impossible.