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On February 26, according to NBC News, the White House said that the large bruise on the back of US President Trumps right hand was caused by shaking hands. The bruise was visible when Trump met with French President Macron at the White House on Monday. White House Press Secretary Levitt said: "President Trump has bruises on his hands because he works and shakes hands all day long." Photos show that Trumps right hand had obvious bruises or redness and swelling on at least two other occasions in August and November last year. The situation was also reported by multiple news media in 2024. In an article published in December 2024, Time magazine quoted Trump as saying: "This is caused by shaking hands with thousands of people."On February 26, a U.S. judge rejected the Associated Presss emergency motion to restore its right to interview the White House press conference on February 24, and said that another hearing would be held on March 20. The White House and the Associated Press subsequently responded to the ruling. In a statement issued on the same day, the White House said, "Asking questions to the President of the United States in the Oval Office and on Air Force One is only a privilege granted to reporters, not a legal right." A spokesperson for the Associated Press responded that the Associated Press will "continue to defend the right of the press and the public to speak freely without government retaliation" and look forward to the next hearing.Tesla (TSLA.O)s losses widened to 10%, hitting a new low since November 8 last year.Politico reporters said the U.S. House of Representatives passed a procedural vote on the U.S. Republican budget plan, preparing for a vote in the evening.Federal Reserve Discount Rate Meeting Minutes: While many directors expressed cautious optimism about the outlook, most continued to cite uncertainty arising from potential changes in trade, fiscal, regulatory, and other government policies.

A Matter Of When Not If For Spot Bitcoin ETF – Grayscale CEO

Skylar Shaw

Apr 19, 2022 10:53

In a recent interview, Grayscale Investments' CEO said that a bitcoin spot ETF is "a question of when, not if."


Grayscale is waiting to hear back from the Securities and Exchange Commission on its request to transform Grayscale Bitcoin Trust into a bitcoin ETF.


Despite widespread desire, crypto exchange laws may not be implemented until 2023.

A Matter Of When Not If

In a recent interview with CNBC, Grayscale Investments CEO Michael Sonnenshein said, "It truly is a question of when, not if there is a (US-based) bitcoin spot ETF."


The US Securities and Exchange Commission (SEC) has accepted a new bitcoin futures ETF, which was filed under the Securities Act of 1993 rather than the Securities Exchange Act of 1940, unlike earlier bitcoin futures ETF applications.


As a consequence, crypto experts claim that the form of this new ETF paves the way for the adoption of spot bitcoin ETFs in the United States, an investment product that the crypto community has long pushed for.


Despite receiving clearance in countries including Canada and Brazil, the SEC has so far rejected all applications for a spot bitcoin ETF, citing worries about manipulation and fraud.


"From the SEC's standpoint, there were several protections that (19)40 Act products have that (19)33 products don't have," Grayscale Investments CEO Sonnenshein said, "but those protections never ever addressed the SEC's concern over the underlying bitcoin market and the potential for fraud or manipulation."


"The fact that they've now altered their thinking and authorized a 33 Act product with Teucrium really invalidates that argument and speaks to the connectivity between bitcoin futures and the underlying bitcoin spot markets that provide the futures contracts with their value," Sonnenshein concluded.


"If the SEC can't look at two similar concerns, the futures ETF and the spot ETF, through the same lens," he concluded, "then there might be grounds for an Administrative Procedure Act violation."


Grayscale is waiting for the SEC's examination of its request to transform Grayscale Bitcoin Trust into a bitcoin ETF to be completed. The SEC is expected to respond in early July.


The CEO of the business has been a prominent critic of the SEC's delayed and hesitant approach to approving a spot bitcoin ETF.

Lack Of Crypto Exchange Regulation A Problem

Last week, a crypto expert writing for CoinDesk expressed skepticism about the chance of a bitcoin ETF being approved in the near future.


They said that the Securities and Exchange Commission (SEC) has voiced concerns about the unregulated nature of crypto spot exchanges in the United States (at the federal level). Meanwhile, the SEC has said in previous ETF rejections that the exchanges pushing crypto ETFs have not yet adequately addressed concerns about manipulation and fraud.


They said, "It is probable (to me) that the agency will continue to reject spot ETF applications, at least for the foreseeable future."


This viewpoint is consistent with a recent argument made by Bloomberg Intelligence experts. Given a potential rule change that would bring cryptocurrency exchanges into the regulatory fold, they suggest that spot bitcoin ETFs might start receiving SEC approval by mid-2023.

Investors Clamor For Bitcoin ETF

Many in the financial sector are frustrated by the SEC's refusal to approve a bitcoin ETF.


In a poll conducted by 2022 Bitwise/ETF Trends earlier this year, 82 percent of advisers stated they would prefer to invest in a spot bitcoin ETF over a futures-based bitcoin ETF.


Similarly, a recent Nasdaq poll of 500 financial advisers indicated that 72 percent of them would be more comfortable investing in crypto if there was a spot ETF.


The approval of the first US-based spot bitcoin ETF, according to crypto experts, would be a major step toward greater institutional acceptance of the asset class.

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