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NAHB: Builder Confidence Decreased to 86 in December

The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 86, down from 90 in November. Any number above 50 indicates that more builders view sales conditions as good than poor.From the NAHB: Builder Confidence Do…

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The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 86, down from 90 in November. Any number above 50 indicates that more builders view sales conditions as good than poor.

From the NAHB: Builder Confidence Down from Record High, Still Strong
Ending a string of three successive months of record highs, builder confidence in the market for newly built single-family homes fell four points to 86 in December, according to the latest NAHB/Wells Fargo Housing Market Index (HMI) released today. Despite the decline, this is still the second-highest reading in the history of the series after last month’s mark of 90.

“Housing demand is strong entering 2021, however the coming year will see housing affordability challenges as inventory remains low and construction costs are rising,” said NAHB Chairman Chuck Fowke. “Policymakers should take note to avoid increasing regulatory costs associated with land development and residential construction.”

“Builder confidence fell back from historic levels in December, as housing remains a bright spot for a recovering economy,” said NAHB Chief Economist Robert Dietz. “The issues that have limited housing supply in recent years, including land and material availability and a persistent skilled labor shortage, will continue to place upward pressure on construction costs. As the economy improves with the deployment of a COVID-19 vaccine, interest rates will increase in 2021, further challenging housing affordability in the face of strong demand for single-family homes.”
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The HMI index gauging current sales conditions dropped four points to 92, the component measuring sales expectations in the next six months fell four points to 85 and the gauge charting traffic of prospective buyers also decreased four points to 73.

Looking at the three-month moving averages for regional HMI scores, the Northeast fell one point to 82, the Midwest was up one point to 81, the South rose one point to 87 and the West increased two points to 96.
Click on graph for larger image.

This graph show the NAHB index since Jan 1985.

This was close to the consensus forecast.

Housing and homebuilding have been one of the best performing sectors during the pandemic.

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ProShares prepares to launch unique Short Ether Strategy ETF

ProShares’ SETH ETF will start trading soon, following the first Ethereum futures ETFs by about two weeks.
ProShares introduced a trio…

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ProShares' SETH ETF will start trading soon, following the first Ethereum futures ETFs by about two weeks.

ProShares introduced a trio of Ethereum futures ETFs in the recent weeks. Presently, the company is gearing up to provide a distinctive offering.

ProShares' Short Ether Strategy ETF (SETH) from the fund group is poised to commence trading shortly, following the debut of the initial Ethereum futures ETFs by about two weeks.

SETH, scheduled for listing on the NYSE Arca exchange, aims to achieve daily investment outcomes that mirror the inverse of the daily S&P CME Ether Futures Index performance, as indicated in a filing made on Friday, Oct. 13.

The fund does not engage in direct shorting of ether (ETH); rather, it seeks to capitalize on potential declines in the asset's value, as stated in the prospectus. On Friday, the price of ETH stood at approximately $1,540, reflecting a decrease of approximately 6% over the past week.

Screenshot of the ProShares SETH filing     Source: SEC

ProShares anticipates that the registration statement for SETH will become effective on Oct. 15 and plans to introduce the fund in early November, as reported by Blockworks.

However, the three existing ProShares ether futures funds — including two that invest in both ether and bitcoin futures contracts — debuted on Oct. 2 alongside similar products by VanEck and Bitwise.

The US Securities and Exchange Commission approved ether futures ETFs two years following the introduction of the initial bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO), which entered the market in Oct. 2021.

Related: SEC reportedly won’t appeal court decision on Grayscale Bitcoin ETF

ProShares continued its release of bitcoin futures ETFs with the Short Bitcoin Strategy ETF (BITI) in June 2022. As of now, BITO has accumulated around $850 million in assets, while BITI has approximately $75 million.

In August, Cointelegraph reported that Ether futures ETFs may be approved in October, causing an 11% spike in ETH prices at the time.

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Coinbase continues push to compel SEC to act on crypto rulemaking petition

Coinbase chief legal officer Paul Grewal has once again called for a mandamus to compel the SEC to respond to the firm’s crypto rulemaking petition.

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Coinbase chief legal officer Paul Grewal has once again called for a mandamus to compel the SEC to respond to the firm’s crypto rulemaking petition.

Coinbase has doubled down on its push for a court order compelling the United States Securities and Exchange Commission (SEC) to act on the firm’s crypto rulemaking petition.

Coinbase wants a mandamus issued within 30 days to compel the SEC to give an official answer on whether it will accept or deny the petition.

The SEC submitted a long-awaited status update on Oct. 12, vaguely stating that “commission staff provided a recommendation” to the SEC over Coinbase’s petition but did not divulge any further details.

In an Oct. 13 post on X (formerly Twitter), Coinbase chief legal officer Paul Grewal slammed the SEC for dragging its heels and called for a mandamus to force the SEC into adequately outlining its intentions.

Grewal also shared Coinbase’s response to the SEC update that it filed with the U.S. Court of Appeals for the Third Circuit.

“The SEC’s unilluminating report is mere bureaucratic pantomime and confirms that nothing short of mandamus will prompt the agency to take its obligations seriously. It took more than a year and an order from this Court to elicit even a staff-level recommendation,” the response reads, adding that:

“The Commission has resolved not to conduct the rulemaking Coinbase requested, and it will exploit every bureaucratic artifice in its arsenal to forestall judicial review so long as the Court allows it.”
Coinbase’s response to the SEC update. Source: Grewal/X

Coinbase initially filed the rulemaking petition in July 2022, requesting the SEC to “propose and adopt rules” to govern the crypto market, including potential rules to clearly outline which digital assets fall under the definition of securities.

After the SEC failed to respond, Coinbase filed a petition for mandamus nine months later, seeking the court to compel the SEC to give a “yes or no” answer.

Related: Coinbase spot trading volume falls by 52% compared to 2022: Report

However, the SEC has fired back multiple times, refuting the need to meet Coinbase’s requirements and asking the court to deny Coinbase’s petition for mandamus.

In mid-June, the SEC asked the court for 120 days to respond to the rulemaking petition. Such a timeline suggests that the agency may have an answer by the end of October or early November.

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SEC reportedly won’t appeal court decision on Grayscale Bitcoin ETF

If true, the SEC will need to review and decide on Grayscale’s spot Bitcoin ETF application. If denied, Grayscale could appeal the decision.

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If true, the SEC will need to review and decide on Grayscale’s spot Bitcoin ETF application. If denied, Grayscale could appeal the decision.

The United States Securities and Exchange Commission reportedly has no plans to appeal the recent court decision that favored Grayscale Investments. The ruling requires the SEC to review the firm’s spot Bitcoin (BTC) exchange-traded fund (ETF) application.

The SEC’s supposed decision not to appeal the D.C. Circuit Court of Appeal’s ruling was highlighted in an Oct. 13 report from Reuters, which cited “a source familiar with the matter.”

Bloomberg analysts also expect the SEC not to appeal to the Supreme Court but emphasized that this doesn’t necessarily mean Grayscale’s application is set to be approved.

If the reports are true, the SEC will need to follow the court’s August order and review Grayscale’s application to change its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

According to Reuters, the appeals court is expected to issue a mandate specifically outlining how its ruling should be “executed” by the SEC.

Commenting on the developments, Bloomberg ETF analyst James Seyffart noted via X that:

“I do not think they will appeal to the Supreme Court either. Dialogue between Grayscale and SEC should begin next week. Hoping for more info on next steps sometime next week or week after?”

Moving forward, Seyffart suggested that it is likely that “we will find out in the next week (or two)” what the deadline is for the SEC to approve or deny Grayscale’s spot BTC ETF application.

If the SEC were to deny the application, Grayscale could then appeal that decision, dragging the process out even longer.

Related: Bitcoin price gets new $25K target as SEC decision day boosts GBTC

As it stands, around seven spot Bitcoin ETF applications have been put before the SEC that are awaiting a decision from the regulator.

In a separate preceding X post on Oct. 13, Seyffart reiterated his view that there is a 90% chance that a spot Bitcoin ETF application will get approved in January 2024, specifically the application from Cathie Wood’s ARK Invest.

Seyffart and Bloomberg’s senior ETF analyst Eric Balchunas, also previously suggested that there is a 75% chance that an application will get approved in 2023.

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