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It's Big & Big #alert About #BitcoinETFs !!!
Bitcoin Spot ETF: SEC Delays Decision On 7RCC’s Eco-Friendly Fund
SEC Extends Deadline For 7RCC’s Bitcoin Spot ETF
In a notice published on Thursday, May 2nd, the SEC said it will now decide to approve or disapprove the 7RCC Bitcoin spot and Carbon Credit Futures ETF by June 24, 2024.
This represents an almost two-month (45 days) extension from the initial deadline, which was set for May 10.
The financial regulator said in the filing:
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 application submitted to the SEC in December 2023 shows that 7RCC’s fund is designed to provide direct exposure to Bitcoin alongside carbon credits.
The firm’s filing revealed that the ETF will track the changes in the premier cryptocurrency’s price and carbon credit futures based on the Vinter Bitcoin Carbon Credits Index.
The ETF intends to invest 80% of its assets in Bitcoin and 20% in financial instruments, such as swaps, that provide exposure to carbon credit futures contracts tied to emissions allowances.
Based on 7RCC’s application, the carbon credits are related to the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative.
Crypto exchange Gemini has been named as the custodian of the Bitcoin Spot ETF. If approved, this fund will offer a new dimension to the ETF market, especially after the launch of 11 Bitcoin spot ETFs in January.
