- SEC Postpones Decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF to June 24, 2024.
- The ETF plans to invest 80% in Bitcoin and 20% in financial products linked to Carbon Credit Futures.
- Gemini was appointed as custodian for the ETF.
The U.S. Securities and Exchange Commission (SEC) announced that it is delaying its decision on the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, an exchange-traded fund focused on carbon credit futures contracts and Bitcoin (BTC).
The delay was announced in a filing on Thursday and extends the timeline for the U.S. SEC to evaluate proposed exchange-traded funds until June 24, 2024.
During the extended timeline, the SEC aims to thoroughly review the proposals before making a final decision, noting that sufficient time is needed to consider the potential impact of the proposed rule changes.
7RCC Spot Bitcoin and Carbon Credit Futures ETF
The 7RCC Spot Bitcoin and Carbon Credit Futures ETF plans to allocate 80% of its assets to Bitcoin and the remaining 20% to financial instruments linked to carbon credit futures. This unique investment strategy aims to provide investors with a diversified portfolio encompassing both digital assets and environmental sustainability.
The ETF’s approach provides a single trading solution for those seeking to leverage both innovative technology and progressive environmental initiatives in line with the evolving financial landscape. Leading cryptocurrency exchange Gemini has been appointed as custodian for the ETF, signaling a significant partnership in the fast-growing digital asset space.
News of the delay reflects ongoing scrutiny and evaluation by regulators like the SEC in navigating the intersection of traditional finance and emerging technologies.
As the deadline approaches, stakeholders are eagerly awaiting the SEC’s decision, which will impact the future of investment opportunities in both the digital assets and environmental sectors.