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

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• 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

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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.