The US Securities and Exchange Commission (SEC) has extended its review period on the launch of crypto asset management company 7RCC's bitcoin spot ETF.
SEC Extends Deadline for 7RCC bitcoin Spot ETF
in a warning Posted on Thursday, May 2, the SEC said it will now decide to approve or disapprove the 7RCC bitcoin spot ETF and Carbon Credit Futures by June 24, 2024. This represents an extension of almost two months (45 days) from the initial deadline . which was set for May 10.
The financial regulator said in the presentation:
The Commission considers it appropriate to designate a longer period for adopting action on the proposed rule change so that you have enough time to consider the proposed rule change.
He application submitted to the SEC in December 2023 shows that the 7RCC fund is designed to provide direct exposure to bitcoin along with carbon credits. The company's presentation revealed that the ETF will track changes in the price of the leading cryptocurrency and carbon credit futures based on Vinter's bitcoin Carbon Credit Index.
The ETF intends to invest 80% of its assets in bitcoin and 20% in financial instruments, such as swaps, that provide exposure to carbon credit futures contracts linked to emissions rights. According to the 7RCC application, the carbon credits are related to the European Union Emissions Trading System, the California Carbon Allowance and the Regional Greenhouse Gas Initiative.
crypto exchange Gemini has been named custodian of the bitcoin Spot ETF. If approved, this fund will offer a new dimension to the ETF market, especially after the launch of 11 bitcoin spot ETFs in January.
SEC to deny Ether spot ETFs: Michael Saylor
Another exchange-traded product awaiting the green light from the SEC is the Ether spot ETF. Unfortunately, conversations regarding the possible approval of the investment product have not been optimistic in recent weeks.
MicroStrategy CEO and co-founder Michael Saylor is the latest personality to dash any hopes of seeing the eth spot ETF launch in the United States.x.com/saylor/status/1786128074138140956″ target=”_blank” rel=”noopener nofollow”> Speech At MicroStrategy's bitcoin For Corporations conference, bitcoin advocate speculated that the SEC would label Ether a security.
Saylor mentioned that the financial regulator could also designate other tokens, including BNB, SOL, XRP, and ADA, as unregistered cryptoasset securities. MicroStrategy CEO said:
None of (these tokens) will ever be included in a spot ETF, none of them will be accepted by Wall Street, and none of them will be accepted by mainstream institutional investors as crypto assets.
Michael Saylor is a strong supporter of bitcoin, as evidenced by his company's consistent acquisition of btc. As Bitcoinist reported on April 30, MicroStrategy holds 214,400 btc, worth approximately $13.5 billion at the time of writing.
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