The US SEC has postponed its decision for the third time on approving or rejecting an ETF that tracks spot Bitcoin combined with carbon credit futures.
SEC Continues to Postpone Decision on NYSE Arca Bitcoin ETF
In a filing dated September 4, the agency extended its decision on NYSE Arca's listing request to November 21, 2024 — the second postponement after already delaying it in May.
The proposed fund, 7RCC Spot Bitcoin and Carbon Credit Futures ETF, offers exposure to Bitcoin in a more environmentally friendly way.
More specifically, the NYSE Arca ETF is expected to invest 80% in Bitcoin, while the remainder will be invested in carbon credit futures to offset carbon emissions in emissions trading programs. Carbon credit futures allow holders to emit a certain amount of greenhouse gases, according to regulations in markets such as the European Union and California.
Although Tidal Investments, the issuer of NYSE Arca's Bitcoin ETF, filed its application in December 2023, the exchange only formally filed the request in March 2024.
Bitcoin’s Environmental Impact Scrutiny Delays ETF
The move from the SEC comes amid growing concerns about Bitcoin's environmental impact. Cryptocurrency mining requires large amounts of energy to secure the network, resulting in large carbon emissions. The International Monetary Fund (IMF) estimated in August that cryptocurrency mining accounts for up to 1% of global greenhouse gas emissions.
In addition to NYSE Arca’s Bitcoin ETF, the SEC has also delayed its decision on other cryptocurrency ETFs, including a proposed rule change to list the Hashdex Nasdaq Crypto Index ETF on the Nasdaq exchange.
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