Earlier this year, the SEC rejected a slew of bitcoin ETF applications, preventing the digital currency from gaining more acceptance from investors who are wary of the unregulated exchanges of cryptocurrencies. The SEC’s Division of Trading and Markets rejected applications from investment firms ProShares, Direxion and GraniteShares.

“The entrance of Bakkt in the Bitcoin futures exchange market is expected to drastically increase the liquidity and trading activity in the market, which may lead to the SEC reconsidering the significance of the market and more specifically, the impact the futures market could have on the actual price of BTC,” according to CryptoSlate.

Nasdaq Inc. is still considering entering the bitcoin futures competition. Market observers previously expected Nasdaq to launch futures on the digital currency this year. The exchange operator has previously said that if it moves forward with bitcoin futures, its product will be different from those offered by Cboe and CME.

For more information on the cryptocurrency market, visit our Bitcoin category.