• The SEC has rejected One River’s Carbon Neutral Bitcoin ETF

  • The US Securities and Exchange Commission has rejected the One River Carbon Neutral Bitcoin Trust, a spot bitcoin exchange-traded fund (ETF) proposed by One River Asset Management (SEC).

    The petition to list on the NYSE Arca market lacks adequate investor protections, according to the SEC, which used identical language in denying other spot bitcoin (BTC) ETFs.

    One River filed registration for the ETF in May 2021, but the SEC delayed its decision in March. One River vowed to buy and sell carbon credits to account for the emissions linked with the bitcoin in the fund, which set it apart from other spot ETF applications.

    While the SEC has approved a handful of futures-based bitcoin ETFs, it has denied (or postponed) all spot bitcoin ETFs that have been proposed. To name two, the FDA dismissed petitions submitted by NYDIG and GlobalX in March.

    Valkyrie was the most recent futures-based bitcoin ETF to receive SEC approval. The asset manager had applied under the Securities Exchange Act of 1934. Other bitcoin futures ETFs that have been approved fall under the Investment Company Act of 1940. The Valkyrie “34 Act” approval had given some Bitcoin ETF supporters hope.

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