Coinbaseβs Chief Legal Officer Predicts Imminent U.S. Bitcoin ETF Approval
The chief legal officer of Coinbase, Paul Grewal, is confident that the U.S. Securities and Exchange Commission (SEC) will approve a bitcoin exchange-traded fund (ETF) in the near future. Grewal expressed his optimism during a conversation with CNBC, stating that he believes it is only a matter of time before the ETF applications are approved.
Grewal’s confidence in the approval of Bitcoin ETF applications stems from the recent legal setback faced by the SEC in its attempt to prevent Grayscale from converting its GBTC Bitcoin fund into an ETF. The SEC’s decision not to contest this ruling has created expectations of imminent approval for a bitcoin-related ETF.
While Grewal did not provide a specific timeframe, he believes that the SEC will likely grant approval for a Bitcoin ETF soon.
Soaring Investor Demand Amidst Rising Bitcoin Prices
Bitcoin has been attracting increasing numbers of investors in recent months. This surge in interest can be attributed to various factors, including expectations that the Federal Reserve will halt its interest rate hikes and excitement surrounding the upcoming Bitcoin “halving” event. The halving event will reduce rewards for Bitcoin miners by 50%, ultimately limiting the cryptocurrency’s supply.
Positive sentiment towards Bitcoin received a significant boost from recent developments in the ongoing XRP lawsuit, as the SEC dropped charges against Ripple executives. This development further contributes to the favorable outlook for cryptocurrencies.
As a result, Bitcoin’s value has risen by an impressive 72% year-to-date, marking a notable recovery for the world’s largest digital currency after experiencing significant declines in 2022.
Hot Take: U.S. Bitcoin ETF Approval on the Horizon
Coinbase’s chief legal officer, Paul Grewal, remains optimistic about the approval of a U.S. bitcoin exchange-traded fund (ETF) by the SEC. Following a recent setback for the SEC in a legal case against Grayscale, expectations are high for the imminent approval of a bitcoin-related ETF. Grewal believes that it is only a matter of time before these applications are approved, as they make sense under the law. With soaring investor demand and rising bitcoin prices, the anticipation for a Bitcoin ETF continues to grow. The future looks promising for the cryptocurrency market as regulatory barriers are gradually being overcome.
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