US SEC extends review period for 7RCC’s Bitcoin Exchange Traded Fund listing

US SEC extends review period for 7RCC's Bitcoin Exchange Traded Fund listing

The United States Securities and Exchange Commission has announced an extension to the review period for 7RCC’s Bitcoin Exchange-Traded Fund (ETF). The commission will now make its final decision about the application filed by NYSE Arca on the 24th June 2024. Originally, the deadline was set for 10th May.

A Brief Overview of 7RCC Bitcoin Exchange-Traded Fund

7RCC Global has developed a carbon-neutral Bitcoin spot exchange-traded funds (ETF). This idea aims to provide investors with exposure Bitcoin, while also addressing the environmental issues through carbon credits.

The exchange-traded funds (ETFs) that will focus on the environment are the first ETFs to offer an offering.

To expedite the creation, operation and growth of an exchange-traded funds (ETF), Tidal Financial Group formed a partnership 7RCC.

Gemini, an established cryptocurrency exchange, has announced it will be the custodian of the 7RCC Spot Bitcoin Futures Exchange Traded fund.

Justifications for prolonging the SEC review

Before it can decide on listing the 7RCC Bitcoin Exchange Traded Fund, the Securities and Exchange Commission needs to give itself more time to consider the proposed rule change.

The extension will allow the commission to carry out a thorough analysis of all the advantages and risks associated with exchange-traded funds (ETFs), protecting investors and maintaining market integrity.

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Listing the Bitcoin ETF has the following implications

If it is approved, the 7RCC Bitcoin Exchange Traded Fund (ETF), which is a rapidly growing digital asset, would offer investors a regulated, easily accessible way to gain exposure to Bitcoin.

By including carbon credits in the investment strategy of an exchange-traded funds (ETF), the ETF aims to address the environmental issues associated with Bitcoin mining. This could attract investors who care about the environment.

Participation by well-known companies such as NYSE Arca and Tidal Financial Group and Gemini gives the proposed exchange-traded funds (ETFs) and cryptocurrency market a boost of legitimacy.

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