The Securities and Exchange Commission (SEC) has announced a delay in making a decision on 7RCC Global's application for a spot Bitcoin ETF. After waiting for almost five months, the SEC has informed that more time is needed to review the proposal, pushing the decision date to June 24, 2024.

The 7RCC Spot Bitcoin and Carbon Credit Futures ETF proposal has gained attention for its unique focus on environmental aspects, with the ETF consisting of 80% Bitcoin and 20% carbon credit futures. Tidal Financial Group has partnered with 7RCC to facilitate the establishment and operation of the ETF, with Gemini selected as the custodian.

Submitted in December 18, 2023, the spot Bitcoin and carbon credit futures ETF application has faced delays as the SEC has been meticulous in reviewing similar applications. In January, the SEC approved eleven spot Bitcoin ETF applications from various major investment firms. Market experts are eagerly awaiting the decision on Ethereum ETF applications, with the crucial decision for ARK 21Shares expected soon.