The Commission has recently announced that it requires additional time to thoroughly review the application. Gemini has been selected as the custodian for both the Carbon Credit Futures ETF and the 7RCC Spot Bitcoin. After waiting for almost five months, 7RCC Global has been given an additional two months of waiting for the US Securities and Exchange Commission (SEC) to make a decision on its spot Bitcoin ETF application, which focuses on carbon credits. The Commission has stated that it needs more time to examine the proposed rule change before deciding whether to adopt, reject, or initiate proceedings for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF proposal. The SEC has rescheduled the decision date to June 24, 2024.
The filing by RCC has drawn attention to the fact that the first-ever environmentally-focused offering will consist of 80% Bitcoin and 20% carbon credit futures. Tidal Financial Group and 7RCC have collaborated to serve as the platform for establishing, operating, and expanding the proposed ETF. Gemini has been chosen as the custodian for both the Carbon Credit Futures ETF and the 7RCC Spot Bitcoin.
The application for the spot Bitcoin and carbon credit futures ETF was submitted on December 18, 2023. A month later, the U.S. SEC approved eleven additional spot Bitcoin ETF applications, including those from BlackRock, Fidelity, Grayscale, and others.
The SEC has a history of taking its time when it comes to registering spot crypto ETFs. The leading investment asset management companies are eagerly awaiting a public announcement from the securities regulator regarding their Ethereum ETF applications. Although market watchers are skeptical, the decision on the crucial Ethereum ETF for ARK 21Shares is expected to be made this month.
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