After waiting for almost five months for the United States Securities and Exchange Commission (SEC) to make a decision on its spot Bitcoin ETF application focused on carbon credits, 7RCC Global has been asked to wait for another two months.

7RCC Now Eyeing June 24 as New Decision Date

The Commission just said it needs more time to consider the proposed rule change before deciding on whether to approve, reject, or even institute proceedings for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF proposal. The new date for a decision is now slated for June 24, 2024, as stated by the SEC in a new filing.

In one of the 7RCC filings, it was highlighted that the proposed fund plans to hold 80% Bitcoin and 20% carbon credit futures, becoming the first with an environment-focused offering. Tidal Financial Group partnered with 7RCC to serve as the platform facilitating the creation, operation, and growth of the proposed ETF. Similarly, Gemini was named as the custodian for 7RCC Spot Bitcoin and Carbon Credit Futures ETF.

Noteworthy, this filing for the spot bitcoin and carbon credit futures ETF was made on December 18, 2023. A month after this, the U.S. SEC greenlighted eleven other spot Bitcoin ETF applications from BlackRock, Fidelity, Grayscale, and others.

“The Fund offers a unique opportunity for investors to diversify their portfolios, balancing the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures,” Gemini said. “In doing so, the Fund provides investors with an integrated single-trade approach to digital assets and environmental sustainability.”

SEC Delays Decision on Spot Ethereum ETFs

Over the years, the SEC has made it a trend to delay its decision on spot crypto ETF filings. Currently, top investment asset management firms are waiting for the securities regulator to announce its decision on their spot Ethereum ETF applications. The pivotal Ethereum ETF decision for ARK 21Shares is expected to come this month but there are doubts in the minds of market observers.

Crypto analyst Michaël van de Poppe has expressed doubts about the approval of Ethereum Spot ETFs this May, adding that the SEC is likely to postpone the approval process rather than outright deny these applications. Media outlets like Reuters also see a denial looming especially with the SEC’s potential classification of Ethereum as security.

The post Spot Bitcoin ETF: US SEC Postpones Decision On 7RCC Application appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am