Bitcoin (BTC) Soars Amid Weak US Data; SEC Announces New Bitcoin ETF Decision

  • The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision regarding the proposed 7RCC Spot Bitcoin and Carbon Credit Futures ETF.
  • This decision comes simultaneously with a rise in Bitcoin following U.S. data releases.
  • The SEC has stated it needs more time to evaluate the next steps for ETFs focusing on carbon credit futures contracts and Bitcoin.

The SEC postpones its decision on the proposed 7RCC Spot Bitcoin and Carbon Credit Futures ETF, citing the need for additional time to evaluate the next steps. This comes as Bitcoin experiences a surge following U.S. data releases.

SEC Delays Decision on Bitcoin and Carbon Credit Futures ETF

The SEC has announced that it will postpone its decision regarding the proposed 7RCC Spot Bitcoin and Carbon Credit Futures ETF. The commission stated that it needs more time to evaluate the next steps for ETFs focusing on carbon credit futures contracts and Bitcoin. The decision will be made by June 24, 2024, giving the commission ample time to assess the outcomes of the proposed rule change.

Details of the Proposed ETF

According to past applications, the proposed fund plans to allocate 80% of its assets to Bitcoin and 20% to financial instruments, including swap agreements that expose it to Carbon Credit Futures represented by the index. The S-1 registration statement for the Spot BTC and carbon credit futures ETF was made on December 18, 2023, about a month before the SEC approved 11 spot bitcoin ETFs.

Bitcoin’s Performance Amid U.S. Data Releases

Bitcoin’s price experienced a near 5% increase within the day following the release of weak non-farm employment data from the U.S. At the time of writing, Bitcoin is trading at $61,759. It’s important to note that this is not investment advice.

Conclusion

The SEC’s decision to delay its verdict on the proposed 7RCC Spot Bitcoin and Carbon Credit Futures ETF reflects the regulatory body’s cautious approach towards cryptocurrency-related financial instruments. As Bitcoin continues to perform strongly in the market, all eyes will be on the SEC’s final decision in June 2024.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Whale Transfers 33,000 SOL ($8M) From Binance to HyperLiquid and Begins USDC Sell-Off

OnchainLens, cited by COINOTAG on September 14, recorded an...

Justin Sun Claims Coinbase Demanded 500M TRX Listing Fee — Brian Armstrong Says Listings Are Free

Coinbase CEO Brian Armstrong reiterated that the Coinbase listing...

Ethereum Foundation Unveils End-to-End Privacy Roadmap: Ethereum Privacy Engine (PSE) and PlasmaFold L2 Demo at Devcon

The Ethereum Foundation has published an end-to-end Ethereum privacy...

Bitcoin 24h: CEX Net Outflow of 1,609.79 BTC — Binance Leads Outflows, Coinbase Pro Records 2,454.15 BTC Inflow

According to Coinglass data, centralized exchanges recorded a cumulative...

Coinglass Warns Ethereum Could Trigger $1.488B Long Liquidations Below $4,500 or $1.566B Shorts Above $4,800 on CEXs

Coinglass data cited by COINOTAG on September 14 indicates...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img