Coinbase Chief Legal Officer Paul Grewal has recently used the law to support the approval of a Spot bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC), highlighting that the American regulator must fulfill its responsibilities.
Coinbase CLO Optimism About btc Spot ETF Approval
in abitcoin-etf-will-be-approved.html” rel=”nofollow noopener” target=”_blank”> interview On Friday, with CNBC’s Arjun Kharpal, Paul expressed optimism about the SEC’s approval of bitcoin ETF applications. Coinbase’s CLO said he’s pretty sure the SEC will soon approve a bitcoin Spot ETFsupporting your belief under the law.
“I very much hope that these (ETF) requests will be granted, if only because they should be granted under the law,” Paul said.
After the interview, Paul highlighted his confidence in the early success of the approval and noted that companies that have submitted well-structured ETF proposals for these products and services are crucial players in the financial services industry.
I think the companies that have put forward strong propositions for these products and services are among some of the top financial services companies. I think that suggests that we will see progress before long.
However, Paul did not give a timeline on when approval will occur, as the final decision on approval ultimately rests with the SEC. However, he is still confident that the US regulator will likely approve a bitcoin ETF in a short period of time given recent events.
Paul further backed his optimism following the SEC’s recent judicial setback when a US Court of Appeals judge stated that the US regulator had no reason to deny Grayscale’s approval to convert its Grayscale bitcoin (btc) into a bitcoin spot ETF, qualifying the SEC’s decision. a arbitrary movement.
“I believe that after the U.S. Court of Appeals made clear that the SEC could not reject these requests arbitrarily or capriciously, we will see the commission fulfill its responsibilities. “I’m pretty sure of that,” Paul said.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Coinbase-Executive-Uses-Law-to-Support-Why-the-SEC-Should" alt="Tradingview.com bitcoin Price Chart (Spot bitcoin ETF Coinbase CLO)” width=”2670″ height=”1758″/>
btc breaks above $29,800 | Source: BTCUSD on Tradingview.com
Furthermore, Paul also highlighted the The SEC’s lack of appeal against the ruling indicating a possible approval of a btc spot ETF soon within the stipulated deadline given to them by the court.
If a spot ETF is approved, btc could see a major rally. A bitcoin ETF serves as a means for investors to invest in btc without having to make a direct purchase of the digital asset on an exchange.
One of the major cryptocurrency exchanges that will benefit greatly from any bitcoin ETF approval is Coinbase. This is because the cryptocurrency exchange’s common shares are held in portfolios designed to give investors exposure to cryptocurrencies.
JPMorgan on timely approval of bitcoin ETF
JPMorgan analysts have also expressed optimism about a bitcoin ETF Approvalthat the ETF product could be available to the public this Christmas.
Due to the recent developments following the approval of a Spot bitcoin ETF, the financial giant believes that there is a high probability that an ETF could obtain approval before January 10, 2024.
Furthermore, Bloomberg analysts also believe that there is a bitcoin-news/bloomberg-analysts-raises-approval-chances-of-spot-bitcoin-etf-to-75/” rel=”nofollow noopener” target=”_blank”>There is a 90% chance that a bitcoin ETF will be approved next year.
Featured image from Forkast News, chart from Tradingview.com