Coinbase CLO Optimism On The Approval Of A Spot BTC ETF
According to Coinbase’s Chief Legal Officer, Paul Grewal, the United States Securities and Exchange Commission (SEC) should approve a Spot Bitcoin Exchange Traded Fund (ETF) based on the law. In an interview with CNBC, Paul expressed his confidence in the approval of Bitcoin ETF applications by the SEC.
Paul stated, “I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law.” He believes that the firms presenting well-structured ETF proposals are key players in the financial service industry and expects progress in this area soon.
While Paul did not provide a specific timeline for approval, he is confident that recent developments will lead to the SEC approving a Bitcoin ETF in the near future. He cited a recent court ruling that criticized the SEC’s arbitrary denial of Grayscale’s Bitcoin ETF conversion as further evidence of potential approval.
JPMorgan On A Spot Bitcoin ETF Approval
JPMorgan analysts also share optimism regarding a Bitcoin ETF approval. They believe that the product could be available to the public before Christmas, considering recent developments. Bloomberg analysts also estimate a 90% chance of a Bitcoin ETF getting approved next year.
Hot Take: A Potential Rally for BTC
If a Spot Bitcoin ETF is approved, it could lead to a significant rally for BTC. Investors would have an alternative way to invest in Bitcoin without directly purchasing it from an exchange. Coinbase, as one of the major cryptocurrency exchanges, stands to benefit greatly from such an approval since its common stock is held in portfolios offering exposure to cryptocurrencies.
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