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.
spot_imgspot_imgspot_imgspot_img

Latest News

MKR Price Surges as MakerDAO Announces $1 Billion Investment in U.S. Treasury Offerings

MakerDAO has announced an open competition to...

Vitalik Buterin Faces Criticism Over Controversial COVID-19 Remarks

Vitalik Buterin's recent comments on...

Whales Show Renewed Interest in Maker (MKR) Amidst Crypto Market Recovery

Cryptocurrency market is witnessing significant movements as...

Ethereum Staking Surges to 47 Million ETH Amid PoS Transition, Tripling Supply in Two Years

Ethereum's staking ecosystem is growing rapidly, capturing...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

FLM Coin: In-Depth Analysis and Future Price Predictions of Flamingo Finance

Flamingo Finance, a DeFi platform built on...

Covalent (CQT) Coin: Comprehensive Blockchain Data Analysis and Future Price Predictions

Covalent emerges as a groundbreaking software integrating...

MOCA Coin: An In-Depth Look at Its Potential and Latest Price Analysis

MOCA Coin, LayerZero v2 protokolünde geliştirilen ve...

Ethereum Price Analysis: Potential Drop to $2,700 as Resistance Holds Strong

Ethereum's price trajectory has seen significant volatility,...
Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Binance Celebrates 7th Anniversary: Stronger Amid Regulatory Challenges and Future Growth with New Leadership

As Binance hits its 7th anniversary, the journey has been nothing short of eventful, marked by an array of regulatory hurdles and...

MKR Price Surges as MakerDAO Announces $1 Billion Investment in U.S. Treasury Offerings

MakerDAO has announced an open competition to invest $1 billion in tokenized U.S. Treasury offerings. In response to this announcement, MKR’s...

Vitalik Buterin Faces Criticism Over Controversial COVID-19 Remarks

Vitalik Buterin's recent comments on COVID-19 have sparked heated debates within the crypto community. His longstanding interest...