Chief Legal Officer (CLO) of Coinbase Global Inc. Paul Grewal has voiced optimism that the US Securities and Exchange Commission (SEC) would approve a spot Bitcoin (BTC) Exchange Traded Fund (ETF).
Grewal is hopeful that the regulator would carry out its duties by approving the much desired
Approval of Spot BTC ETF is Approaching
The Coinbase CLO stated in a conversation with CNBC that the US cryptocurrency exchange is confident the applications to list the new spot BTC ETF offering would be approved by the US regulator. Remarkably, Grewal remained silent on the timing or order in which he anticipates receiving clearance.
Coinbase CLO Believes US SEC Will Fulfill Bitcoin ETF Approval,Coinbase CLO Believes US SEC Will Fulfill Bitcoin ETF Approval
Grewal expressed optimism that the applications for ETFs will be approved, even if it’s just because the law requires it.
His viewpoint supports the positions of two Bloomberg ETF experts who recently provided an estimate of the likelihood that the SEC would approve a spot Bitcoin ETF. Following a previous prediction that fixed the likelihood of spot Bitcoin ETF certification at 75%, Eric Balchunas and James Seyffart boosted it to 90%.
The way the figure representing the chances of approval changes over time indicates how confident these analysts are in the regulator’s judgement.
Furthermore, the SEC’s recent action in its case against Grayscale raises the possibility that an ETF pertaining to bitcoin may launch in the upcoming months. There were strong indications that the SEC will file an appeal after a court ruled that the agency lacked justification for turning down Grayscale’s proposal to transform its Bitcoin Trust into a physically backed ETF, as it had attempted to do with Ripple Labs and XRP.
But the regulator made the startling decision to decide not to appeal the court’s decision. As a result, Grayscale’s chances of converting its GBTC into an ETF have increased.
Leaders in the Race for Bitcoin ETFs
Big names in the business including BlackRock, Fidelity, and Invesco are requesting permission to offer the Bitcoin ETF product. In addition to the little wins thus far, the Coinbase CLO thinks that the majority of applicants’ standing and reputation will be factors in this round of approvals.
“I believe that some of the biggest blue chips in financial services are among the firms that have stepped forward with strong proposals for these products and services,” Grewal continued.
Coinbase CLO Believes US SEC Will Fulfill Bitcoin ETF Approval,Coinbase CLO Believes US SEC Will Fulfill Bitcoin ETF Approval,Coinbase CLO Believes US SEC Will Fulfill Bitcoin ETF Approval, Bitcoin Crypto news, Bitcoin News