EUR/USD 1.15104
0.077%
Gold 4299.62
0.983%
Oil 75.089
0.195%
USD/JPY 160.636
-0.011%
GBP/USD 1.33070
0.108%
GBP/JPY 213.763
0.095%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
June 18th - According to NewsNation, Republican members of Congress have begun blaming Vice President Vance, accusing him of reaching a "bad" deal with Iran. One Republican congressman stated, "Conservatives in Congress are appalled that Vance reached such a terrible deal, erasing all of Trumps military victories. Trump had effectively won the war, and Vance lost it at the last minute through negotiations." Earlier today, President Trump joked, "If we reach a deal, the credit is mine; if we dont, blame Vance." Trump praised the agreement with Iran during his visit to France and signed a copy of the memorandum of understanding in Versailles. A source close to the White House responded to the congressmans comments, saying that the unnamed Republican congressman dared to be so audacious as to attempt to strip the president of his power in order to undermine and obstruct his peace agreement.Photo: US President Donald Trump signs a memorandum of understanding between the US and Iran at the Palace of Versailles in France.On June 18th, according to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed slightly higher on Wednesday, with the benchmark contract rising 0.2% to its highest level in two weeks. This was mainly due to market rumors that buyers were interested in purchasing US soybeans, while international crude oil futures stabilized. The November contract touched a high of $11.5825 per bushel during the session, the highest level since June 3rd. Market rumors that buyers were seeking US soybeans and might also be interested in purchasing corn and wheat for delivery later this year boosted soybean futures prices, rebounding from a four-month low. The rumor intensified throughout the day after the US Department of Agriculture confirmed exporter reports of selling 372,000 tons of soybeans to unknown destinations, pushing the most actively traded contract to a two-week high. Of these 372,000 tons of soybeans, 60,000 tons are for delivery in the 2025/26 marketing year, and 312,000 tons are for delivery in the 2026/27 marketing year.Futures News, June 18th - According to foreign media reports, copper prices on the London Metal Exchange (LME) rose for the fourth consecutive day on Wednesday, mainly boosted by optimism surrounding the US-Iran peace agreement. Market expectations that the Federal Reserve will maintain higher interest rates for a longer period limited the gains in copper prices. LME three-month copper rose 0.25% to $13,810 per tonne. Following the peace agreement between the US and Iran, international oil prices have fallen by about 9% so far this week, easing market concerns about inflation and economic growth, and improving investor risk appetite. On Wednesday, LME three-month aluminum rose 0.8% to $3,414.50 per tonne, as bargain hunting pushed prices back from the sharp drop earlier in the week. Aluminum prices had fallen to $3,344 in the previous trading day, a two-and-a-half-month low, as the US-Iran peace agreement eased market concerns about disruptions to Middle Eastern aluminum supplies. Earlier this month, LME aluminum prices rose to a four-year high as the war essentially disrupted shipping through the Strait of Hormuz, forcing several smelters in the Gulf region (which accounts for about 9% of global aluminum production capacity) to cut production, as aluminum exports through the strait and imports of aluminum raw materials were disrupted.Nasdaq futures extended gains to 1% in early trading, while S&P 500 futures rose 0.6%.

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.

Suggestion