U.S. markets open in 7 hours 30 minutes
  • S&P Futures

    3,859.00
    +10.75 (+0.28%)
     
  • Dow Futures

    31,095.00
    +82.00 (+0.26%)
     
  • Nasdaq Futures

    11,927.50
    +47.25 (+0.40%)
     
  • Russell 2000 Futures

    1,735.10
    +6.50 (+0.38%)
     
  • Crude Oil

    98.71
    +0.18 (+0.18%)
     
  • Gold

    1,745.00
    +8.50 (+0.49%)
     
  • Silver

    19.29
    +0.13 (+0.68%)
     
  • EUR/USD

    1.0213
    +0.0029 (+0.29%)
     
  • 10-Yr Bond

    2.9130
    0.0000 (0.00%)
     
  • Vix

    26.73
    -0.81 (-2.94%)
     
  • GBP/USD

    1.1950
    +0.0028 (+0.23%)
     
  • USD/JPY

    135.8700
    -0.0450 (-0.03%)
     
  • BTC-USD

    20,306.15
    +254.01 (+1.27%)
     
  • CMC Crypto 200

    441.65
    +6.12 (+1.41%)
     
  • FTSE 100

    7,107.77
    +82.30 (+1.17%)
     
  • Nikkei 225

    26,436.99
    +329.34 (+1.26%)
     

One River’s Carbon Neutral Bitcoin ETF Rejected by SEC

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.

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

  • The proposal to list on the NYSE Arca exchange lacks sufficient investor protections, the SEC said, which is similar verbiage used by the agency in denying other spot bitcoin (BTC) ETFs.

  • One River submitted paperwork for the ETF in May 2021, and the SEC in March announced a delay in its decision. This particular spot ETF application differed from others in that One River pledged to buy and dispose of carbon credits to account for the emissions associated with the bitcoin in the fund.

  • While the SEC has green-lit a number of futures-based bitcoin ETFs, it has denied (or otherwise delayed) all spot bitcoin ETFs brought before it. To name two, the agency in March denied applications submitted by NYDIG and GlobalX.

  • The most recent futures-based bitcoin ETF to win SEC approval was one from Valkyrie. That asset manager had filed its application under the Securities Exchange Act of 1934. Other approved bitcoin futures ETFs came under the Investment Company Act of 1940. The Valkyrie "34 Act" approval had given some hope to spot bitcoin ETF advocates.

Read more: Ark 21Shares Backers Take Another Shot at Spot Bitcoin ETF Approval