Coinbase’s Chief Legal Officer Optimistic About Bitcoin ETF Approval
Coinbase chief legal officer, Paul Grewal, is confident that the U.S. Securities and Exchange Commission (SEC) will soon approve a Bitcoin exchange-traded fund (ETF). Grewal expressed his optimism in an interview with CNBC, stating that he expects the SEC to approve a U.S. Bitcoin ETF “in short order.”
Grewal’s confidence stems from a recent court decision that found the SEC had no grounds to deny Grayscale’s application to convert its GBTC Bitcoin fund into an ETF. The regulator also chose not to appeal the ruling, leading to speculation within the industry that Bitcoin ETF approvals are on the horizon.
Despite ongoing legal issues involving Grayscale’s parent company and the Gemini crypto exchange, Grewal remains positive about the approval of additional Bitcoin ETFs. However, he did not provide a specific timeframe for when he expects the approvals to be granted.
“I think that, after the U.S. Court of Appeals made clear that the SEC could not reject these applications on an arbitrary or capricious basis, we’re going to see the commission fulfill its responsibilities. I’m quite confident of that.” – Paul Grewal, Coinbase chief legal officer
Potential Benefits for Retail Investors and Coinbase
The approval of a Bitcoin ETF could be appealing to retail investors who want exposure to Bitcoin without directly purchasing the cryptocurrency from an exchange. Coinbase, as the largest crypto exchange in the U.S., is expected to benefit significantly from any approved Bitcoin ETF.
Positive Outlook on Regulatory Enforcement
In addition to discussing the Bitcoin ETF, Grewal shared his views on the trial of former FTX CEO Sam Bankman-Fried, expressing encouragement and optimism that such trials and strict regulations are holding bad actors accountable.
Hot Take: Coinbase’s Optimism Signals Progress for Bitcoin ETF
Coinbase’s chief legal officer, Paul Grewal, is optimistic about the approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). This follows a court decision in favor of Grayscale’s application to convert its Bitcoin fund into an ETF. Grewal’s confidence suggests that the SEC will fulfill its responsibilities in light of the court ruling. The approval of a Bitcoin ETF would benefit retail investors seeking exposure to Bitcoin and could significantly impact Coinbase, the largest crypto exchange in the U.S. Grewal also expressed positivity regarding regulatory enforcement, highlighting ongoing trials as a means of holding bad actors accountable. Overall, Coinbase’s outlook indicates progress towards wider acceptance and adoption of Bitcoin through regulated investment vehicles.
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