Crypto start-up Bitwise Asset Management proposed its bitcoin exchange-traded fund (ETF) on Jan 10 with the US Security and Exchange Commission (SEC). However, the proposal appears to be delayed due to the ongoing US government shutdown.

According to a press release, what set it apart from previously filed proposed Bitcoin ETFs was that ” it will rely on regulated third party custodians to hold its physical Bitcoin, and in that the index draws prices from a large number of cryptocurrency exchanges.”

If the project is approved, Bitcoin ETF will be listed on NYSE Arca. NYSE Arca had filed the application “to list and trade shares of the Bitwise Bitcoin ETF Trust under NYSE Arca Rule 8.201E” to SEC. Despite being posted on NYSE Arca’s website, the form has not appeared in any SEC website. Coindesk reports that it is possibly due to the ongoing U.S. government shutdown.

Meanwhile, one of the largest crypto markets, Japan may approve crypto exchange-traded funds in the near future.