The Securities and Exchange Commission said it will take more time to determine next steps for a proposed exchange-traded fund focused on carbon emissions futures contracts and bitcoin.
In a filing Thursday, the agency said it would decide “to approve or disapprove or initiate proceedings” for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF by June 24, 2024.
“The Commission has determined that it is appropriate to specify a longer period for taking action on the proposed rule change to allow sufficient time to consider the proposed rule change,” the SEC said.
According to the past filingsThe proposed fund plans to invest 80% of its assets in Bitcoin and 20% in “financial instruments, including swap contracts providing exposure to carbon credit futures represented by indices.”
Sustainability Approach
S-1 registration name The Spot Bitcoin and Carbon Credit Futures ETF was filed on December 18, 2023, about a month before SEC approval. Approved 11 Spot Bitcoin ETFs.
“The fund offers investors a unique opportunity to diversify their portfolios while balancing the innovative nature of Bitcoin with the progressive realm of carbon credit futures. This allows the fund to provide investors with the opportunity to focus on digital assets and environmental sustainability. Gemini, a cryptocurrency exchange appointed as custodian, said in a statement: post From December.
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About the author
Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.