One River’s Carbon Neutral Bitcoin ETF Rejected by SEC

Reuters

U.S. SEC rejects carbon-neutral bitcoin ETF by One River

NEW YORK (Reuters) -The U.S. Securities and Exchange Commission on Friday rejected a proposal to list and trade a carbon-neutral spot bitcoin exchange-traded fund (ETF) by asset management firm One River on the NYSE Arca exchange, citing concerns over fraud-prevention measures. The One River Carbon Neutral Bitcoin Trust proposal by NYSE Arca, which is owned by Intercontinental Exchange Inc, did not meet the standards for exchanges designed to prevent fraudulent and manipulative practices and protect investors and the public interest, the Wall Street regulator said. “The Commission emphasizes that its disapproval of this proposed rule change does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment,” the SEC said.