SEC Rejects One River’s Carbon Neutral Bitcoin ETF Application
The U.S. Securities and Exchange Commission (SEC) has again blocked spot bitcoin exchange-traded fund (ETF).
This time the regulator rejected the The One River Carbon Neutral Bitcoin, citing a lack of investor protection in a scripted response used at previous denials of other ETF applications. One River had filed its paperwork for the investment product in May 2021.
The SEC stated that, when considering One River’s proposed rule change, “the same standard used in its orders considering previous proposals to list bitcoin-based commodity trusts” would apply. The proposed rule change did not meet the SEC’s fraud prevention policies. The SEC further explained:
“[…] disapproval of this proposed rule change does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.”
One River’s spot ETF application differed from others with the addition that One River committed to buy and and disposing of carbon credits to offset the associated emissions.
At the back of green-lighting a number of futures-based bitcoin ETFs, the SEC is steadfast in its denial of spot Bitcoin ETFs and has so far snubbed or delayed all of them.
The post SEC Rejects One River’s Carbon Neutral Bitcoin ETF Application appeared first on iGaming.org.
Source: igaming
