This decision could pave the way for new investment products that further impede efforts to meet our climate goals. Before jumping on the Bitcoin ETF bandwagon, financial institutions need to do their due diligence on Bitcoin’s climate risk and its disastrous impact on communities.
Washington, DC (August 30, 2023)–Yesterday, the U.S. Court of Appeals for the D.C. Circuit sided with cryptocurrency investment firm Grayscale Investments in a lawsuit against the Securities Exchange Commission (SEC), which had denied the company’s application to convert the Grayscale Bitcoin Trust into an exchange traded fund (ETF). The ruling will require that Grayscale resubmit their application and that it goes back to the SEC for review. In response to the decision, Joshua Archer, Greenpeace USA Bitcoin Campaign Lead, said: “This decision could pave the way for new investment products that further impede efforts to meet our climate goals. Before jumping on the Bitcoin ETF bandwagon, financial institutions need to do their due diligence on Bitcoin’s climate risk and its disastrous impact on communities. Bitcoin is using as much energy as entire countries, most of it derived from fossil fuels like coal, oil, and gas.”
In recent months, Bitcoin ETFs have been gaining momentum as a potential way for Bitcoin to become more mainstream, with devastating consequences for the planet. Recently, Jacobi Asset Managements attached an ESG label to a Bitcoin exchange-traded fund (ETF) listed in Europe,...
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