Coinbase Chief Legal Officer Says the SEC Will Approve a Bitcoin ETF Soon
Coinbase Chief Legal Officer Paul Grewal believes that the U.S. Securities and Exchange Commission (SEC) will soon approve a spot Bitcoin (BTC) exchange-traded fund (ETF).
In a recent interview with CNBC, Grewal expressed optimism regarding the approval of ETF applications.
"I'm quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law."
He highlighted the recent court ruling that dealt a blow to the SEC, stating that the regulator had no grounds to deny Grayscale's bid to convert its GBTC Bitcoin fund into an ETF.
The SEC chose not to appeal that ruling, indicating a potential path for the approval of a Bitcoin-related ETF in the coming months.
"I think that the firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services. So that, I think, suggests that we will see progress there in short order."
He clarified that the ultimate decision lies with the SEC, but he believes that the regulatory body is likely to approve a Bitcoin ETF soon based on recent developments.
A Bitcoin ETF would provide investors with a means to gain exposure to Bitcoin without directly purchasing the digital asset from an exchange.
This alternative investment method could be particularly attractive to retail investors seeking exposure to Bitcoin without owning the underlying asset.
Coinbase stands to benefit from the approval of a Bitcoin ETF.
As the largest crypto exchange in the United States, the company's common stock is included in portfolios designed to give investors exposure to cryptocurrencies.
"We are quite excited that there are a number of developments we think that are just around the corner, or
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