$ 117,539.7
$ 2,937.24
$ 0.7068
$ 683.80
$ 160.37
May 28, 2022
SEC Shoots Down One River Proposal For Carbon-Neutral Bitcoin ETF
The Securities and Exchange Commission has rejected a proposal for a bitcoin exchange-traded fund that includes the purchase of carbon credits to make it carbon-neutral (SEC).
The SEC stated on May 27 that the proposed rule change that would have cleared the product for listing on the NYSE Arca exchange "has not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), in particular, the requirement that the rules of a national securities exchange be "designed to prevent fraudulent and manipulative acts and omissions."
According to that statement, the SEC is using the same reasoning that it used to reject a number of spot bitcoin ETFs.
The One River Carbon Neutral Bitcoin Trust was first proposed in May of last year. According to public documents, a revised prospectus was submitted in September.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.