The SEC did not file an appeal on the ruling indicating a possible approval of a spot BTC ETF soon within the stipulated deadline given to them by the court.
Coinbase Chief Legal Officer Paul Grewal recently used the law to support the US Securities and Exchange Commission’s (SEC) approval of a spot Bitcoin exchange-traded fund (ETF), noting that The US regulator must fulfill its responsibilities.
Coinbase CLO Optimism About BTC Spot ETF Approval
In an 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 spot Bitcoin ETF, backing up his belief under the law. “I am very hopeful that these [ETF] requests will be granted, if only because they should be granted under the law,” Grewal stated.
After the interview, Grewal 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 believe that the companies that have presented solid proposals for these products and services are among some of the leading financial services companies. I think that suggests that we will see progress soon.”
However, Grewal 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.
Grewal 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. an 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,” Grewal said.
Furthermore, Grewal also highlighted that the SEC did not file an appeal on 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 approval of a Bitcoin ETF 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 also expressed optimism about the approval of a Bitcoin ETF, that 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 90% chance. that a Bitcoin ETF will be approved next year.
By Leonardo Pérez
