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SEC Delays Decision on 7RCC Global’s Spot Bitcoin ETF Application

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SEC Delays Decision on 7RCC Global's Spot Bitcoin ETF Application

  • The Commission has recently said that it needs further time to examine the application.
  • Carbon Credit Futures ETF and 7RCC Spot Bitcoin have chosen Gemini as their custodian.

A further two months of waiting have been imposed upon 7RCC Global after almost five months of waiting for the US Securities and Exchange Commission (SEC) to render a verdict on its spot Bitcoin ETF application centering on carbon credits.

In order to decide on whether to adopt, reject, or initiate proceedings for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF proposal, the Commission has recently said that it needs further time to examine the proposed rule change. The SEC has announced in a new filing that the decision date has been rescheduled to June 24, 2024.

All Eyes on SEC

An RCC filing brought attention to the fact that the first-ever environmental-focused offering would consist of 80% Bitcoin and 20% carbon credit futures.

In order to establish, run, and expand the proposed ETF, Tidal Financial Group collaborated with 7RCC to act as the platform. Carbon Credit Futures ETF and 7RCC Spot Bitcoin have chosen Gemini as their custodian.

The application for the spot bitcoin and carbon credit futures ETF was submitted on December 18, 2023. Eleven further spot Bitcoin ETF applications were approved by the U.S. SEC a month later, including those from BlackRock, Fidelity, Grayscale, and others.

The SEC has a long history of dragging its feet when it comes to registrations for spot crypto ETFs. Leading investment asset management companies are now holding their breath, hoping that the securities regulator will make a public announcement about their Ethereum ETF applications. Although market watchers are skeptical, the crucial Ethereum ETF decision for ARK 21Shares is anticipated this month.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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