SEC postpones decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF
The SEC said it would be making a decision to disapprove, approve or institute proceedings for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF by June 24, 2024, in filing made on Thursday.
In a filing made on Thursday, the agency said it would decide to "approve or disapprove, or institute proceedings" for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF by June 24, 2024.
"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change," the SEC said.
According to past filings , the proposed fund plans to invest 80% of its assets in bitcoin and 20% in "financial instruments, including swap agreements, that provide exposure to Carbon Credit Futures represented by the Index."
Sustainability approach
A S-1 registration statement was filed for the spot bitcoin and carbon credit futures ETF on Dec. 18, 2023, about a month before the SEC approved 11 spot bitcoin ETFs.
"The Fund offers a unique opportunity for investors to diversify their portfolios, balancing the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures. In doing so, the Fund provides investors with an integrated single-trade approach to digital assets and environmental sustainability," crypto exchange Gemini, who was named the custodian, said in a post from December.
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