The Securities and Exchange Commission said it will take more time to decide next steps on a proposed exchange-traded fund focused on carbon credit futures contracts and bitcoin. 

In a filing made on Thursday, the agency said it would decide to "approve or disapprove, or institute proceedings" for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF by June 24, 2024.

"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change," the SEC said. 

According to past filings, the proposed fund plans to invest 80% of its assets in bitcoin and 20% in "financial instruments, including swap agreements, that provide exposure to Carbon Credit Futures represented …