The application for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF has faced another delay, extending the waiting period for 7RCC Global. The US Securities and Exchange Commission (SEC) has yet to make a decision on the proposal, which focuses on carbon credits and has been pending for almost five months. The Commission has stated that it requires additional time to review the proposed rule change, pushing the decision date to June 24, 2024.
The filing made by 7RCC highlighted that the ETF would be the first-ever environmental-focused offering, consisting of 80% Bitcoin and 20% carbon credit futures. Tidal Financial Group and 7RCC collaborated to establish and operate the ETF, with Gemini chosen as the custodian for both the Carbon Credit Futures ETF and 7RCC Spot Bitcoin.
While eleven spot Bitcoin ETF applications were approved by the SEC a month after the submission of the 7RCC application on December 18, 2023, the SEC has a reputation for delaying the registration of spot crypto ETFs. As a result, major investment asset management companies are anxiously waiting for public announcements regarding their Ethereum ETF applications. The decision on the crucial Ethereum ETF application from ARK 21Shares is expected to be made this month.
In today’s crypto news, Dogecoin has outperformed major altcoins due to increased whale activity and wallet growth.
