The U.S. Securities and Exchange Commission pushed back its deadline to decide whether to approve or disapprove a proposal for a combined carbon credit futures and spot bitcoin product.
The SEC said it was delaying its decision to November 21 for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, in a filing posted on Tuesday.
"The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the comment it has received in connection with the proposed rule change," the SEC said.
Crypto asset manager 7RCC's proposed fund plans to invest 80% of its assets in bitcoin and 20% in "financial instruments, including swap agreements, that provide exposure to Carbon Credit Futures represented by the Index," according to a filing in March. 7RCC also said it plans to appoint Gemini as the custodian of the fund's bitcoin.
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An S-1 registration statement was filed earlier for the spot bitcoin and carbon credit futures ETF in December 2023, about a month before the SEC approved 11 spot bitcoin ETFs.
The proposed ETF received one comment from James D. Milas, a Loyola University student in Chicago, class of 2026. Milas' comment focused on carbon credits and urged the SEC to " prompt continued efforts to mitigate the adverse effects of carbon credit companies."
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