Coinbase is Confident Spot Bitcoin ETF Will Be Approved by SEC

Joshua Ramos
Source – The Block

Speaking to CNBC, Coinbase Chief Legal Officer Paul Grewal expressed his confidence that the US Securities and Exchange Commission (SEC) will approve a Spot Bitcoin ETF. Specifically, Grewal said he is “quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law,” speaking to the platform.

The Coinbase executive has uttered sentiments similar to those given by Mike Novogratz and JP Morgan throughout this week. Indeed, the growing perspective throughout the industry appears to be leaning toward the eventual arrival of the offering. Moreover, the expectation seems to predict its arrival sooner rather than later.

Also Read: Spot Bitcoin ETF Google Searches Spike as Industry Confidence Prevails

Coinbase Executive Discusses Impending Bitcoin ETF Approval

Throughout much of this year, the talk of a Spot Bitcoin ETF in the United States has dominated the sector. Asset management firms like Fidelity and BlackRock shocked the finance industry with the filing of their applications. Additionally, a plethora of applications soon followed, with the first-of-its-kind exchange-traded fund on the verge of arriving in the country.

Although the digital asset industry has certainly faced trepidation from regulators, it appears as though the optimism of its arrival is high. Specifically, Coinbase chief legal officer Paul Grewal has stated his expectation that the SEC will approve a Spot Bitcoin ETF application sooner rather than later.

Also Read: Bitcoin Price Forecasts as $56K Upon Approval of BlackRock ETF

Speaking on the prospect, Grewal stated, “I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law.” Conversely, Coinbase has faced off against the SEC in a host of conflicts in the legal arena. Yet, the crypto firm has come out on top at nearly every step of the way.

The SEC has yet to issue a spot Bitcoin ETF approval, but a host of voices have expressed the expectation that that will change. Additionally, Grewal is accurate in his assessment of the law regarding the offering. The SEC recently lost its court case against Grayscale. Subsequently, the court ordered a re-assessment of the firm’s application, withdrawing the agency’s initial rejection.