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A survey of 52 Bank of Japan (BOJ) watchers on September 11th showed that the BOJ will raise interest rates next week (100%), and expects another rate hike by January next year (approximately 93%, with about one-third predicting December and the remainder choosing January), indicating a significant acceleration in the policy normalization process. The survey results reflect a dramatic shift in economists views: in the previous survey in July, no one predicted a policy change in September. The BOJ faces upside risks to inflation, and repeated calls for action from US Treasury Secretary Bessenter have fueled expectations of a rate hike this month. Kato, chief economist at Totan Research Institute, wrote in a survey response: "The BOJ may be sending a signal to the market that rate hikes will be spaced roughly every three months. The focus is on how strongly it will imply that it may act more frequently if conditions allow." About 46% of respondents believe the BOJs rate hike pace will accelerate to about once per quarter, while the prevailing view a few months ago was once every six months. About 36% believe the pace will be once every four to five months, while the proportion believing in once every six months has plummeted from 82% in July to 6%.Micron Technology (MU.O): The total bonus for direct employees in Taiwan in fiscal year 2026 is equivalent to 35 to 68 months salary, with a minimum cash reward of NT$1.7 million.Micron Technology (MU.O): Annual performance bonuses in Taiwan for fiscal year 2026 can reach up to 500% of the benchmark target, plus stock awards.Micron Technology (MU.O): Employees in Taiwan who joined the company before August 29, 2025 will receive a cash bonus of NT$1 million (approximately RMB212,000) for fiscal year 2026.On September 11th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4910%, and the lowest was 0.7060%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 0.9870%, and the lowest was 0.8640%. The highest 7-day annualized yield of Alipays "Yuebao" was 0.9000%, and the lowest was 0.8590%.

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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