Coinbase Prepares for Spot Bitcoin ETF Approvals
Crypto exchange Coinbase has stated that it has made significant preparations to custody BTC for spot bitcoin exchange-traded fund (ETF) issuers. Most of the ETF applicants have chosen Coinbase as the custodian for their bitcoin assets, including major firms like Blackrock, Ark Invest, Bitwise, Wisdomtree, and Invesco. Coinbase spokesperson assured that their systems have been thoroughly designed and tested to handle increased trading volume and liquidity, as well as higher demand. Recently, Coinbase’s head of custody, Aaron Schnarch, left the firm and was replaced by Rick Schonberg.
SEC Considers Multiple Spot Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) is currently reviewing 13 spot bitcoin ETF proposals, with the first deadline set for January 10th. The joint application by Cathie Wood’s ARK Invest and 21shares is among the applications being considered. It is widely expected that the SEC will approve multiple applications by the deadline. The SEC required spot bitcoin ETF issuers to submit amended filings by last Friday to be considered for the initial round of decisions in early January.
Coinbase Continues Push for Clear Crypto Regulation
Coinbase has been advocating for clear regulations for cryptocurrencies from the SEC. However, the exchange recently faced a setback when its petition for crypto rulemaking was rejected by the securities regulator. In response, Coinbase has taken the matter to court, filing with the Third Circuit to challenge the SEC’s denial. The exchange aims to challenge what it considers to be an arbitrary and capricious decision.
Hot Take: Coinbase’s Preparedness for Spot Bitcoin ETF Approvals
Coinbase’s extensive preparations for spot bitcoin ETF approvals demonstrate the exchange’s commitment to providing custody services for bitcoin assets. By ensuring their systems can handle increased trading volume and liquidity, Coinbase aims to support the growth of the crypto market. While facing challenges in their regulatory efforts, Coinbase remains dedicated to advocating for clear regulations in the space. The outcome of the SEC’s decision on spot bitcoin ETFs will have a significant impact on the future of crypto investment opportunities.
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