Cryptocurrency exchange Coinbase believes the US Securities and Exchange Commission will approve spot Bitcoin ETF applications.
Paul Grewal, Coinbase’s chief legal officer, in an interview with CNBC “I am very hopeful that these ETF applications will be approved.” said.
Grayscale, which is trying to launch an exchange-traded fund (ETF), won a legal victory against the SEC in August. The SEC did not appeal the court’s decision.
Apart from Grayscale, companies like BlackRock and Fidelity are also trying to establish ETFs for Bitcoin. Grewal, one of Coinbase executives, said:
“I think the companies that take action to offer these products and services are among the leading names in the financial services industry.”
Regarding Bitcoin ETFs, according to Grewal “progress in a short time” visible. Grewal’s statement is as follows:
“We expect other ETFs to be established shortly as the SEC complies with the law and will approach applications currently pending in a neutral manner.”