Blockchain
US SEC extends review period for 7RCC Bitcoin ETF listing
The U.S. Securities and Exchange Commission (SEC) has announced an extension of the review time for the listing of 7RCC’s Bitcoin exchange-traded funds (ETFs). At this point, the commission will express its final judgment on the application submitted by NYSE Arca by June 24, 2024, with the original deadline set for May 10.
An overview of the 7RCC Bitcoin Exchange-Traded Fund
A zero-carbon spot Bitcoin exchange-traded fund (ETF) has been developed by 7RCC Global. The goal of this idea is to give investors exposure to Bitcoin while addressing environmental issues through the incorporation of carbon credits.
With plans to hold 80% of Bitcoin and 20% of carbon credit futures, the exchange traded fund (ETF) will be the first ETF to provide an environmentally focused offering.
In order to accelerate the formation, operation and growth of the proposed exchange-traded fund (ETF), Tidal Financial Group has partnered with 7RCC.
It has been announced that Gemini, a major cryptocurrency exchange, will serve as custodian of the 7RCC Spot Bitcoin and the Carbon Credit Futures Exchange Traded Fund.
Justifications for extending the SEC review
The Securities and Exchange Commission (SEC) needs more time to rule on the proposed rule change before it can make a judgment regarding the listing of the 7RCC Bitcoin ETF.
With the extension, the commission will be able to conduct a comprehensive analysis of the possible benefits and risks associated with exchange-traded funds (ETFs), thereby protecting investors and maintaining market integrity.
The listing of the Bitcoin exchange-traded fund has the following implications:
If authorized, the 7RCC Bitcoin Exchange-Traded Fund (ETF) would provide investors with a regulated and easily accessible method of gaining exposure to Bitcoin, which is a growing digital asset.
Including carbon credits as part of the Exchange Traded Fund’s (ETF) investment strategy is an attempt to address environmental issues related to Bitcoin mining, with the aim of possibly attracting environmentally conscious investors.
The proposed Exchange Traded Fund (ETF) and the cryptocurrency market as a whole gain greater legitimacy thanks to the participation of well-known organizations such as NYSE Arca, Tidal Financial Group, and Gemini.
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