SEC shoots down One River proposal for carbon-neutral bitcoin ETF

A proposal for a bitcoin exchange-traded fund that incorporates the purchase of carbon credits in an effort to make it carbon-neutral has been rejected by the Securities and Exchange Commission (SEC).

In a May 27 statement, the SEC said that the proposed rule change that would have cleared the product for a 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), and in particular, the requirement that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest."

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