Government concerns about cryptocurrencies have snarled a plan by the owner of the New York Stock Exchange to launch the first futures contract that would pay out in bitcoin.

Intercontinental Exchange known as ICE, initially targeted November 2018 for the launch of the bitcoin futures, which it envisioned as a building block in a broader platform for trading and storing digital currencies. But the Commodity Futures Trading Commission, which must sign off on the plan, has so far declined to approve it.