2023-10-20 12:30 |
In an interview with CNBC, Coinbase expressed confidence in the imminent approval of a U.S. spot Bitcoin ETF following the U.S. Securities and Exchange Commission’s (SEC) legal setback. Paul Grewal, Coinbase’s Chief Legal Officer, shared insights, highlighting this development’s potential impact on cryptocurrency markets and investment trends.
As he told CNBC, Grewal voiced optimism about the future approval of Bitcoin ETF applications, stating, “I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law.” This comes in the aftermath of the SEC’s failed attempt to deny Grayscale’s bid to convert its GBTC Bitcoin fund into an ETF, a significant legal defeat for the regulator. The SEC’s decision not to appeal this ruling has fuelled anticipation of a Bitcoin-related ETF approval shortly.
Despite the optimism, Grewal refrained from speculating on a specific timeline, emphasizing that any final decision rests with the SEC. Nevertheless, the unsuccessful bid by the regulator to block Grayscale’s GBTC Bitcoin fund conversion into an ETF has bolstered expectations of imminent ETF approval.
A Bitcoin ETF would create a more straightforward avenue for investors to own Bitcoin indirectly, a prospect that may appeal to retail investors seeking Bitcoin exposure without the need to handle the underlying asset. As highlighted by CNBC, Coinbase, the largest cryptocurrency exchange in the United States, could benefit from the approval of a Bitcoin ETF, as the company’s common stock is a prevalent component in portfolios designed to offer investors exposure to cryptocurrency.
Despite legal entanglements, Grewal remains optimistic about the approval of additional Bitcoin ETFs in the near future, asserting, “The SEC follows the law and is required to apply the law in a neutral way to the applications that are pending.”
While Bitcoin has seen a 72% rise year to date, CNBC pointed out that trading volumes have decreased due to a lack of volatility and the difficulties faced by industry giants like FTX, BlockFi, and Three Arrows Capital. Nonetheless, Grewal expressed optimism about developments that could reignite investor and consumer interest in crypto.
The post Coinbase Chief Legal Officer predicts imminent approval of U.S. Bitcoin ETF appeared first on CryptoSlate.
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