SEC Delays Decision on Bitcoin and Carbon Credit Hybrid ETF

Bittime - The US Securities and Exchange Commission (SEC) has announced a delay in its review of a proposed hybrid exchange-traded fund (ETF) that would combine Bitcoin and carbon credit futures. 

The decision on the Bitcoin spot ETF and 7RCC carbon credits has been postponed to November 21, 2024.

SEC Delays Decision

The SEC announced the need for additional time to carefully consider the proposal and related comments received as reasons for the delay. 

This marks a setback for crypto asset manager 7RCC, which had filed an initial registration statement for the ETF in December 2023.

Proposed ET Structure

The proposed ETF aims to invest 80% of its assets in Bitcoin and the remaining 20% ​​in financial instruments that provide exposure to a carbon credit futures index. This unique combination seeks to offer investors diversified exposure to the cryptocurrency market and environment.

Gemini, a well-known cryptocurrency exchange, is slated to act as custodian of the fund's Bitcoin assets. This choice is seen as a positive step to ensure the security and integrity of Bitcoin ETF investments.

Reason of Postponement of Decision for ETF 75CC

The SEC's decision to postpone the review comes amidst a flurry of activity in the cryptocurrency space. In March 2024, the SEC approved 11 Bitcoin spot ETFs, marking an important milestone for the industry. However, the regulatory landscape remains complex, and the SEC continues to sift through new proposals with a sharp eye.

The delay in the 7RCC ETF decision highlights the ongoing challenges and uncertainty surrounding the approval process for cryptocurrency-related products. Although the SEC has made progress in approving a Bitcoin spot ETF, the pathway for other innovative products remains subject to rigorous review and potential delays.

Implications for Crypto Market

The SEC's delay of the 7RCC ETF decision could have implications for the cryptocurrency market at large. Investors and market participants are watching SEC actions closely as they shape the future of cryptocurrency investing.

If such an ETF is ultimately approved, it could provide investors with a new and potentially exciting investment option. However, further rejection or delay could create uncertainty and potentially impact the overall sentiment surrounding the cryptocurrency market.

As the SEC continues its review process, the crypto community will closely monitor developments and await a final decision on the 7RCC ETF proposal.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

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