The U.S. Securities and Exchange Commission (SEC) announced on 4/14 that it would delay a series of proposals related to Staking and in-kind redemption for cryptocurrency ETFs. At the "2025 Bitcoin Policy Summit" held in Washington on 6/25, SEC Commissioner Hester Peirce, nicknamed the "Crypto Mom," stated that this matter is currently under "review".
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ToggleSEC Approved BTC ETF Last Year, But Only Allowed "Cash Redemption"
The SEC approved the first spot BTC ETF on 1/11 last year, but at the time stipulated that all subscriptions and redemptions could only be done in "cash". This means that large institutional players like BlackRock must first convert their stored BTC to cash before returning it to investors.
Market participants believe this approach would increase operational costs and reduce ETF trading efficiency.
BlackRock Submits "In-Kind Creation and Redemption" Proposal, Other Institutions Follow
In January this year, BlackRock submitted a 19b-4 form through Nasdaq, formally proposing to the SEC to adopt an "In-Kind" method for BTC ETF subscriptions and redemptions, exchanging with BTC without converting to cash, to make fund management and liquidity performance more efficient.
Subsequently, other institutions followed suit and submitted similar applications.
Crypto Mom Says Matter is "On the Way", Bloomberg Analyst Also Supports
On 6/26, SEC Republican Commissioner Hester Peirce, nicknamed the "Crypto Mom", when asked if the SEC would allow such in-kind subscriptions and redemptions, stated:
"This is indeed something that will happen at some point in the future, and these proposals are currently under review."
Bloomberg ETF analyst James Seyffart had already pointed out in January that if the SEC allows in-kind redemption, it could significantly improve BTC ETF trading efficiency, make fund operations smoother, and better reflect market prices.
Risk Warning
Cryptocurrency investment carries high risk, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
TSMC Responds to Foreign Exchange Fluctuations by Issuing New Stocks Worth $10 Billion
According to Bloomberg, TSMC Global will issue new stocks worth $10 billion to support its foreign exchange hedging business.
This is the third such transaction since 2024 and the largest to date. These transactions occur during a period when the New Taiwan Dollar tends to appreciate. This move provides TSMC Global with greater capital flexibility to manage exchange rate risks.
New Taiwan Dollar Appreciates 12% in Three Months, Appreciation Becomes Market Mechanism
According to the analysis chart by Financial M Square, the New Taiwan Dollar has appreciated by 12.35% in the past three months, ranking first globally, far higher than the Korean Won's 7.79% and the Japanese Yen's 4.01%.
Central Bank Governor Yang Jin-long has repeatedly stated that the New Taiwan Dollar's appreciation reflects market mechanisms, not deliberate central bank manipulation. It is not a request from the US, nor the result of a monetary agreement between Taiwan and the US, and he refutes rumors about a "Mar-a-Lago Agreement". He emphasized that Taiwan has not been listed as a currency manipulator, and the central bank has not participated in any appreciation negotiations.
However, facing the New Taiwan Dollar's appreciation, the central bank also reminds market commentators and media not to speculate on domestic foreign exchange market issues or make intuitive predictions about exchange rates, to avoid affecting the order and stability of the domestic foreign exchange market and potentially impacting the real economy.
The USD/TWD exchange rate touched the important mark of 29 last week and was reported at 29.260 before the deadline.
Risk Warning
Cryptocurrency investments carry high risks, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
