- In a filing on Thursday, the SEC stated that it will decide by June 24, 2024, whether to approve, disapprove, or institute proceedings for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF.
The Securities and Exchange Commission stated that deliberations over the next course of action for a proposed exchange-traded fund that focuses on bitcoin and carbon credit futures contracts will take longer.
The regulator announced in a filing on Thursday that it will make a decision by June 24, 2024, regarding the approval or disapproval of the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, or to start the process of doing so.
According to the SEC, the Commission believes it is reasonable to set a longer deadline for action on the proposed rule change, giving it more time to think it over.
Past filings indicate that the proposed fund intends to allocate 20% of its assets to financial instruments, such as swap agreements, that provide exposure to the Index’s represented Carbon Credit Futures and the other 80% to bitcoin.
Sustainability methodology
About a month before the SEC approved 11 spot bitcoin ETFs, on December 18, 2023, an S-1 registration statement was filed for the spot bitcoin and carbon credit futures ETF.
By striking a balance between the cutting-edge world of Carbon Credit Futures and the inventive nature of Bitcoin, the Fund provides investors with a singular opportunity to diversify their holdings. In December, the custodian, cryptocurrency exchange Gemini, stated in a post that the Fund offers investors an integrated single-trade approach to digital assets and environmental sustainability.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
