The SEC has extended the deadline to make a decision on a proposed exchange-traded fund that combines carbon credit futures contracts and Bitcoin.
The agency will now have until June 24, 2024 to decide whether to approve or disapprove 7RCC's Bitcoin and carbon credit futures ETF.
The SEC has stated it needs more time to thoroughly evaluate the proposed rule change. According to earlier documents, the ETF plans to allocate 80% of its assets to Bitcoin and 20% to financial instruments, such as swap agreements, that offer exposure to carbon credit futures.
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The spot Bitcoin and carbon credit futures ETF's registration statement was filed in December 2023, before the SEC approved 11 other spot Bitcoin ETFs.