Good morning, Asia. Creating news in the market is as follows.
Asia Morning Briefing, summarizes the best story during the US time and welcomes you to an outline for market movement and analysis. For more information on the US market, see CRYPTO Daybook Americas of COINDESK.
In the US on Wednesday, the Securities and Exchange Commission announced that investors could repay the spot of Bitcoin and ETFs.
Through this decision, the trachea can improve efficiency by creating and repaying ETF stocks directly from BTC or ETH to avoid fiat switching.
But in Hong Kong, this is not new. In the late 2023, in the early stages of the regulatory process (starting in April 2024), the City and Futures Commission, the city’s market regulators, said that the city’s market regulators and the Futures Commission would be allowed to repay the field.
Some of the reasons they allow were technical. The ETF issuer had to partner with a license local encryption exchange and used custody solutions. In Ontario, Ontario, Canada, there was a password ETF first, and in Hong Kong, there was no debate about ether in the United States.
In contrast, US regulators wrestled with concerns about custody, risk of prevention of money laundering and potential market manipulation.
The SEC did not explicitly prohibit the repayment of spots, but the ETF sponsor had to remove it from early submission. The committee preferred the cash -only approach as a careful first stage by citing uncertainty about how to safely resolve the untested operating process and large -scale encryption transfer.
The posture did not have an internal push bag. Mark Uyeda publicly criticized the institution’s approach during the approval period of SPOT BITCOIN ETF in January 2024.
He pointed out that as with gold supported by gold, he questioned that the product -based ETF used in -kind redemption and why the encryption was treated differently.
Uyeda warned that despite the clear deviation of the standard ETF practices, the SEC did not explain why cash repayment was considered a “Nobel”, and the lack of reasoning was a problem.
This episode emphasizes how Hong Kong’s regulators moved with more clear and cohesive power as the regulatory agency in Hong Kong launched these products into the market.
SFC avoided internal contradictions and policy drifts defining the US rollout by allowing them to repay the spot initially and pairing strict license and custody requirements.
But all of this, that is, one side effect in the trace flow.
Encryption Data Agrigator SOSOVALUE, which provides a daily flow update for Crypto ETF, warns that “Physical Bitcoin’s subscription does not produce cash inflows for ETFs, so it cannot be calculated simply in net statistics.”
They say they have tried to make this problem and how to make a model, but they have failed so far.
Therefore, if an ETF publisher in the US does not post the flow every day with cash and encryption, it will be a problem to track this metrics. And it is important to track because it shows investor feelings for asset classes.
Market movement
BTC: Bitcoin is trading more than $ 117,500 after a humble rebound, but as ETF leaks persist, momentum is weakened, whales gain close to $ 118K, and macroheadwind, including the company dollar and Hawkist expectation, continue to rise.
ETH: ETH is trading more than $ 3,700. In March, a general partner of Bizantine Capital, Zheng said, “Ether Lee has been demonstrated in parallel with BTC since it became the second combat test with BTC, and now the organs are likely to see tokens as a powerful asymmetrical bet with Bitcoin.
gold: On Tuesday, gold rebounded to $ 3,334, resulting in four days of defeat before the Fed.
Nikkei 225: The Asia -Pacific Market was opened as the US Secretary of State Howard Lutnick confirmed that Trump’s tariff deadline will proceed as planned.
S & P 500: US stocks closed on Tuesdays, the S & P 500 set a six -day record, and investors have increased their imports, economic data, and upcoming Fed rates.
Elsewhere in encryption:
- Tornado Roman Storm will not take a position, lawyers say (Coindesk)
- Professor Cornell Tech warns about the AI agent and encryption order issues (Bloomberg)
- Senator Lummis introduces a Bill that requires the Fannie Mae and Freddie Mac to regard Crypto as a mortgage asset (block)