Coinbase Chief Legal Officer predicts imminent approval of U.S. Bitcoin ETF

In an interrogation with CNBC, Coinbase expressed assurance successful the imminent support of a U.S. spot Bitcoin ETF pursuing the U.S. Securities and Exchange Commission’s (SEC) ineligible setback. Paul Grewal, Coinbase’s Chief Legal Officer, shared insights, highlighting this development’s imaginable interaction connected cryptocurrency markets and concern trends.

As helium told CNBC, Grewal voiced optimism astir the aboriginal support of Bitcoin ETF applications, stating, “I’m rather hopeful that these [ETF] applications volition beryllium granted, if lone due to the fact that they should beryllium granted nether the law.” This comes successful the aftermath of the SEC’s failed effort to contradict Grayscale’s bid to person its GBTC Bitcoin money into an ETF, a important ineligible decision for the regulator. The SEC’s determination not to entreaty this ruling has fuelled anticipation of a Bitcoin-related ETF support shortly.

Despite the optimism, Grewal refrained from speculating connected a circumstantial timeline, emphasizing that immoderate last determination rests with the SEC. Nevertheless, the unsuccessful bid by the regulator to artifact Grayscale’s GBTC Bitcoin money conversion into an ETF has bolstered expectations of imminent ETF approval.

A Bitcoin ETF would make a much straightforward avenue for investors to ain Bitcoin indirectly, a imaginable that whitethorn entreaty to retail investors seeking Bitcoin vulnerability without the request to grip the underlying asset. As highlighted by CNBC, Coinbase, the largest cryptocurrency speech successful the United States, could payment from the support of a Bitcoin ETF, arsenic the company’s communal banal is simply a prevalent constituent successful portfolios designed to connection investors vulnerability to cryptocurrency.

Despite ineligible entanglements, Grewal remains optimistic astir the support of further Bitcoin ETFs successful the adjacent future, asserting, “The SEC follows the instrumentality and is required to use the instrumentality successful a neutral mode to the applications that are pending.”

While Bitcoin has seen a 72% emergence twelvemonth to date, CNBC pointed retired that trading volumes person decreased owed to a deficiency of volatility and the difficulties faced by manufacture giants similar FTX, BlockFi, and Three Arrows Capital. Nonetheless, Grewal expressed optimism astir developments that could reignite capitalist and user involvement successful crypto.

The station Coinbase Chief Legal Officer predicts imminent support of U.S. Bitcoin ETF appeared archetypal connected CryptoSlate.