The US Securities and Exchange Commission (SEC) announced that it has postponed its decision on the proposed 7RCC Spot Bitcoin and Carbon Credit Futures ETF. The agency said it needed additional time to evaluate next steps for ETFs focused on carbon credit futures contracts and Bitcoin.
In its statement, the SEC announced that it would make a decision to “approve or disapprove or initiate action” for the ETF by June 24, 2024. The Commission stated that a longer period of time was needed to take action on the proposed rule change, ensuring it had sufficient time to evaluate the results.
According to past filings, the proposed fund plans to allocate 80% of its assets to Bitcoin and 20% to financial instruments, including swap agreements that provide exposure to Carbon Credit Futures represented by the index.
The S-1 registration statement for the spot BTC and carbon credit futures ETF was filed on December 18, 2023, about a month before the SEC approved 11 spot bitcoin ETFs.
Hong Kong's ETF launches also came right after Bitcoin's halving event. However, these ETFs failed to deliver the expected boom effect.
Bitcoin price increased by nearly 5% during the day as non-farm employment data from the USA remained weak and was traded at $ 61,759 at the time of writing this article.
*This is not investment advice.
