US SEC Extends Review Period for 7RCC’s Bitcoin ETF Listing

An
extension
of
the
review
time
for
7RCC’s
Bitcoin
exchange-traded
fund
(ETF)
listing
has
been
announced
by
the
United
States
Securities
and
Exchange
Commission
(SEC).
At
this
point,
the
commission
will
make
its
final
judgement
about
the
application
submitted
by
the
NYSE
Arca
by
the
24th
of
June,
2024,
with
the
original
deadline
being
set
for
the
10th
of
May.

An
Overview
of
7RCC’s
Bitcoin
Exchange-Traded
Fund

A
carbon-neutral
spot
Bitcoin
exchange-traded
fund
(ETF)
has
been
developed
by
7RCC
Global.
The
objective
of
this
idea
is
to
give
investors
with
exposure
to
Bitcoin
while
also
addressing
environmental
issues
via
the
incorporation
of
carbon
credits.

With
the
intention
of
holding
80%
Bitcoin
and
20%
carbon
credit
futures,
the
exchange-traded
fund
(ETF)
will
be
the
first
ETF
to
provide
an
offering
that
is
focused
on
the
environment.

In
order
to
expedite
the
formation,
operation,
and
growth
of
the
proposed
exchange-traded
fund
(ETF),
Tidal
Financial
Group
has
formed
a
partnership
with
7RCC.

It
has
been
announced
that
Gemini,
a
prominent
cryptocurrency
exchange,
would
serve
as
the
custodian
for
the
7RCC
Spot
Bitcoin
and
Carbon
Credit
Futures
Exchange
Traded
Fund.

Justifications
for
the
prolongation
of
the
SEC’s
review

The
Securities
and
Exchange
Commission
(SEC)
needs
more
time
to
deliberate
on
the
proposed
rule
modification
before
it
can
make
a
judgement
regarding
the
listing
of
the
7RCC
Bitcoin
ETF.

With
the
extension,
the
commission
will
be
able
to
conduct
a
comprehensive
analysis
of
the
possible
advantages
and
hazards
connected
with
the
exchange-traded
fund
(ETF),
therefore
protecting
investors
and
maintaining
the
integrity
of
the
market.

The
listing
of
the
Bitcoin
exchange-traded
fund
has
the
following
implications:

In
the
event
that
it
is
authorised,
the
7RCC
Bitcoin
Exchange-Traded
Fund
(ETF)
would
provide
investors
a
regulated
and
easily
accessible
method
of
gaining
exposure
to
Bitcoin,
which
is
a
growing
digital
asset.

Including
carbon
credits
as
part
of
the
investing
strategy
of
the
exchange-traded
fund
(ETF)
is
an
attempt
to
address
environmental
problems
that
are
linked
with
Bitcoin
mining,
with
the
goal
of
possibly
attracting
investors
who
are
environmentally
concerned.

The
proposed
exchange-traded
fund
(ETF)
and
the
cryptocurrency
market
as
a
whole
get
a
boost
in
legitimacy
as
a
result
of
the
participation
of
well-known
organisations
such
as
NYSE
Arca,
Tidal
Financial
Group,
and
Gemini
.

Image
source:
Shutterstock

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