Share this article
One River’s Carbon Neutral Bitcoin ETF Rejected by SEC
It's the latest in the agency's string of rejections of spot bitcoin ETF applications.
Updated May 11, 2023, 6:55 p.m. Published May 27, 2022, 7:02 p.m.
Make us preferred on Google
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
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase CEO says Big banks now view crypto as an ‘existential’ threat to their business
Brian Armstrong returns from World Economic Forum with message: traditional finance is taking crypto seriously
What to know:
- Coinbase CEO Brian Armstrong said a top executive at one of the world’s 10 largest banks told him crypto is now the bank’s “number one priority” and an “existential” issue.
- At Davos, Armstrong highlighted tokenization of assets and stablecoins as major themes, arguing they could broaden access to investments for billions while threatening to bypass traditional banks.
- He described the Trump administration as the most crypto-forward government globally, backing efforts like the CLARITY Act, and predicted that AI agents will increasingly use stablecoins for payments outside conventional banking rails.
Top Stories
