The United States Securities and Exchange Commission (SEC) has extended its review period for the launch of 7RCC's Bitcoin spot ETF, which is designed to provide exposure to both Bitcoin and carbon credits. The SEC has set a new deadline of June 24, 2024, to make a decision on the proposed rule change, which is a 45-day extension from the initial deadline of May 10.

The SEC's decision to extend the deadline was made to ensure that it has sufficient time to consider the proposed rule change. The application submitted by 7RCC in December 2023 shows that the ETF will track the changes in Bitcoin's price and carbon credit futures based on the Vinter Bitcoin Carbon Credits Index. The fund aims to invest 80% of its assets in Bitcoin and 20% in financial instruments that provide exposure to carbon credit futures contracts tied to emissions allowances.

The carbon credits are related to the European Union Emissions Trading System, the California Carbon Allowance, and the Regional Greenhouse Gas Initiative. Gemini has been named as the custodian of the Bitcoin Spot ETF, which, if approved, will offer a new dimension to the ETF market, especially after the launch of 11 Bitcoin spot ETFs in January.

Meanwhile, the prospects of an Ether spot ETF have been dampened by the comments of Michael Saylor, the Executive Chairman and Co-founder of MicroStrategy. Speaking at MicroStrategy's Bitcoin For Corporations conference, Saylor speculated that the SEC would label Ether as a security, making it difficult for the ETF to be approved. He also mentioned that other tokens, including BNB, SOL, XRP, and ADA, could be designated as unregistered crypto asset securities, making it unlikely for them to be accepted by Wall Street or mainstream institutional investors as crypto assets.