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August 16th - Despite a significant rebound in the stock market from the panic triggered by the plunge in chip and AI-related stocks, data shows that short selling is still on the rise. According to data released by the Korea Exchange on Sunday, as of Tuesday, the outstanding short position in the South Korean stock market was approximately 19 trillion won (about $13.4 billion), an increase of 2.27 trillion won, or 14%, from 16.73 trillion won at the end of last month. At the end of February this year, the short position was 15 trillion won, briefly fell to 12 trillion won in early March, and then rose again to 23 trillion won in early June. So far this month, the benchmark KOSPI index has risen by 6%, while the tech-heavy KOSDAQ index has surged by 20%. Last month, the South Korean stock market experienced a sharp drop due to market concerns about the profitability of AI-related investments (which could weaken chip demand). However, investors remain concerned about the rapid short-term gains and are uncertain whether the chip industry has peaked.According to Al Arabiya satellite television: Libyan sources say the Al-Hashah power station in Zawara was attacked by drones.On August 16th, local time, police in Virginia, USA, arrested a 19-year-old man suspected of involvement in a shooting that day that injured five people. No one was killed in the shooting, but one victim is in critical condition. Chesterfield County Sheriffs Office announced the arrest of Camron Harris, from Henrico, Virginia. Authorities stated that he is not a student at the school. Police said they have issued eight felony warrants for the man, including charges of intentional assault and use of a firearm during a felony. Although the shooting occurred on school grounds, only one of the five injured was a student at the school. Authorities stated that the other four victims are between 17 and 23 years old.Conflict Updates: 1. The UAE reports an attack on a ship in the Strait of Hormuz. 2. Lebanon condemns Israeli attacks on southern Lebanon as a violation of the framework agreement. 3. Israeli airstrikes in Lebanon kill 11. 4. Lebanon condemns Israeli attacks on southern Lebanon as a violation of the framework agreement. 5. The UAE Foreign Ministry condemns Irans attack on an ADNOC vessel. 6. Israeli airstrikes on the southern Lebanese town of Deir Zahrani kill 4 and injure 17. 7. Irans Communications Minister: Over 500 telecommunications sites have been attacked during the war, and some facilities were hit again after being repaired and service restored. 8. According to Saudi Arabias Al Arabiya TV: The Yemeni military vowed a strong response to the Houthi attack on the port city of Mocha. 9. Israeli Prime Minister Netanyahu: Hezbollah violated the ceasefire agreement in Lebanon and attacked our fighters within the "yellow line." In response, the Israel Defense Forces attacked the Hezbollah command post that issued the order for the attack. Strait of Hormuz: 1. A maritime accident occurred in the Strait of Hormuz; a bulk carrier was hit by an unidentified flying object. 2. Iran and Oman have reached an agreement on shipping routes through the Strait of Hormuz. 3. Iranian Foreign Minister: The United States must meet (Irans) conditions before shipping through the Strait of Hormuz can resume. 4. Iranian Foreign Minister: Qatar and Pakistan are exchanging information with us, but this is not a negotiation. The talks between Iran and Oman are being conducted independently, focusing on sea routes through the Strait of Hormuz. Other Matters: 1. US media: Trumps demands are putting pressure on the US Navy. 2. Iranian Foreign Minister: Iran has not yet decided whether to resume negotiations with the United States. 3. Bandar Abbas International Airport resumes flight operations today. 4. Iran and Tajikistan sign a long-term oil cooperation agreement. 5. Head of Mocha Port, Yemen: The port of Mocha in Yemen ceased operations after the Houthi attack. 6. US media: The root cause of the US aircraft carrier predicament lies in the attack on the logistics hub of the Bahrain base in the early stages of the war. 7. According to Iranian media Fars News: Iranian military officials say three Iranian Air Force personnel went missing after an operation targeting US bases in March and are currently being held in Qatar. 8. The head of Irans Energy Optimization Organization: As part of three ongoing proposals to manage Irans gasoline supply, Iran is considering a proposal to allocate 30 liters of gasoline per person per month, and that this quota be transferable and tradable.According to NIOs official Weibo account, as of today, NIO has built 9,210 charging and battery swapping stations nationwide, including 4,020 battery swapping stations, 5,190 charging stations, and 29,915 charging piles, providing more than 120 million battery swaps to date.

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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