Coinbase’s Chief Legal Officer, Paul Grewal, is optimistic about the approval of a Spot Bitcoin Exchange Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC). In an interview with CNBC, Grewal expressed confidence that the SEC will approve Bitcoin ETF applications because they should be granted under the law. He believes that well-structured ETF proposals from major players in the financial service industry will lead to progress in this area. Grewal did not provide a specific timeline for approval but believes it will happen soon due to recent developments.Grewal’s optimism is supported by a recent court setback for the SEC, where a judge stated that the regulator had no grounds to deny Grayscale’s approval to convert its Grayscale Bitcoin into a spot Bitcoin ETF. Grewal believes that this ruling will push the SEC to fulfill its responsibilities and approve a Bitcoin ETF. He also noted that the SEC’s failure to file an appeal on the ruling indicates a potential approval within the given timespan.If a Spot ETF is approved, Bitcoin could experience a major rally as it provides investors with a means to invest in BTC without directly purchasing the digital asset from an exchange. Coinbase, as a major cryptocurrency exchange, stands to benefit greatly from a Bitcoin ETF approval.JPMorgan analysts share the optimism for a Bitcoin ETF approval, suggesting that the product could be available to the public by Christmas. Bloomberg analysts also believe there is a 90% chance of a Bitcoin ETF being approved next year.Overall, there is growing confidence in the approval of a Spot Bitcoin ETF by the SEC, with industry experts and analysts predicting positive outcomes in the near future.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Paul Grewal |
| Companies | Coinbase, JPMorgan, Grayscale, Bloomberg, United States Securities and Exchange Commission (SEC) |
| Currencies | Bitcoin |
| Securities | None |
