Coinbase CLO Paul Grewal is confident that the US SEC has shifted ground. That’s why Grewal says he will approve a spot Bitcoin ETF soon.
We are very close to Spot Bitcoin ETF approval!
Coinbase Global Inc. Paul Grewal, Chief Legal Officer (CLO) of the company, expressed his confidence and expectation regarding the approval of the spot Bitcoin (BTC) Exchange Traded Fund (ETF) from the United States Securities and Exchange Commission (SEC). Grewal suggests the regulator will approve the highly sought-after investment product. That’s why he’s optimistic that the SEC will fulfill its responsibilities.
In a chat with CNBC, the Coinbase CLO emphasized that the American cryptocurrency exchange strongly believes that the US regulator will approve applications to list the new spot BTC ETF offering. However, Grewal did not say when he expected approval to come. In this regard, Grewal made the following statement:
I am very hopeful that these ETF applications will be accepted. Because they just need to be accepted under the law.
Coinbase official’s view supports analysts’ approach
Paul Grewal’s view also underscores the stance of two Bloomberg ETF analysts who recently outlined the possibility of a spot Bitcoin ETF being approved by the SEC. Eric Balchunas and James Seyffart raised the probability of approval of a spot Bitcoin ETF to 90% after an earlier projection put it at 75%. The improvement in the value determined as the probability of approval indicates the level of confidence these analysts have in the regulator’s decision.
Additionally, the SEC’s latest move in its case with Grayscale also attracts attention. This development indicates that a Bitcoin-related ETF will likely arrive in the coming months. cryptokoin.comAs you follow from , a judge ruled that the SEC had no basis to reject Grayscale’s proposal to convert its Bitcoin Trust into a physically backed ETF. The views of the Coinbase official also find some support from this. Because there were high expectations that the regulator would appeal the decision. The SEC has done this before in the Ripple Labs and XRP case. However, in a shocking revelation, the regulator decided it would not appeal the tribunal’s decision. This means Grayscale is now more likely to convert its GBTC into an ETF.
Top players in the Bitcoin ETF race
There are a number of industry giants seeking approval to list their Bitcoin ETF product. Among these, giant companies such as BlackRock, Fidelity and Invesco stand out. Coinbase CLO does not underestimate the importance of the small victories achieved so far. However, he believes the status and reputation of most applicants will play a role in gaining approval this time. In this regard, Grewal makes the following comment:
I think the companies that stand out with solid offerings for these products and services are some of the biggest blue chips in financial services.
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