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Cryptoknowmics 2022-05-27 20:30:56

US SEC Rejects One River Carbon-Neutral Bitcoin ETF Proposal

The U.S. Securities and Exchange Commission (SEC) has rejected the proposal from One River to list and trade a carbon-neutral bitcoin ETF. In a statement released by the SEC today, NYSE Arca, Inc filed a proposed rule change to list and trade shares of the One River Carbon Neutral Bitcoin Trust. According to the same statement, the order has been disapproved after The Commission concluded that “NYSE Arca 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).” Why Did The SEC Reject The Proposal From One River On Listing A Bitcoin ETF? The One River carbon-neutral ETF proposal is, in essence, a plan to develop a bitcoin exchange-traded fund that incorporates the purchase of carbon credits in an effort to make it more carbon-neutral. This proposal was submitted by One River in May of last year. The SEC requires that the ETF plan be structured to avoid fraudulent and manipulative activities and practices, as well as to safeguard investors and the public interest. However, the proposal does not do any of these things, so it does not meet the requirements of the SEC. The filing explained, “The Trust intends to offset the carbon footprint associated with bitcoin by purchasing and retiring carbon credits necessary to account for the estimated carbon emissions associated with the bitcoins held by the Trus...

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US SEC Rejects One River Carbon-Neutral Bitcoin ETF Proposal

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