U.S. SEC extends 7RCC’s review period for Bitcoin ETF listing

The U.S. Securities and Exchange Commission (SEC) announced an extension of the review period for 7RCC’s listing of Bitcoin exchange-traded fund (ETF). At this point, the committee is expected to make a final ruling on the application submitted by NYSE Arca by June 24, 2024, with the original deadline set for May 10.

7RCC’s Bitcoin Exchange Traded Fund Overview

7RCC Global has developed a carbon-neutral spot Bitcoin exchange-traded fund (ETF). The purpose of the idea is to provide investors with exposure to Bitcoin while also addressing environmental issues through carbon credit integration.

The exchange-traded fund (ETF), which intends to hold 80% Bitcoin and 20% carbon futures, will be the first ETF to offer an environmentally focused product.

Tidal Financial Group has partnered with 7RCC to accelerate the formation, operation and growth of the proposed exchange-traded fund (ETF).

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

Justification for SEC’s Extension of Review

The Securities and Exchange Commission (SEC) needs more time to consider the proposed rule changes before making a ruling on the listing of 7RCC Bitcoin ETFs.

This extension will allow the Commission to conduct a comprehensive analysis of the possible advantages and risks associated with exchange-traded funds (ETFs) to protect investors and maintain market health.

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

If approved, the 7RCC Bitcoin Exchange Traded Fund (ETF) will provide investors with a regulated and easily accessible way to gain exposure to Bitcoin, a growing digital asset.

Including carbon credits as part of an exchange-traded fund (ETF) investment strategy is an attempt to address environmental issues associated with Bitcoin mining with the goal of attracting environmentally conscious investors.

The proposed exchange-traded fund (ETF) and the cryptocurrency market as a whole have received increased legitimacy due to the participation of renowned institutions such as NYSE Arca, Tidal Financial Group, and Gemini.

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