Cryptocurrency exchange Coinbase is optimistic about the approval of its US Bitcoin spot ETF by the Securities and Exchange Commission (SEC).
The company's chief legal officer, Paul Grewal, expressed confidence in an interview with CNBC's Arjun Kharpal.
Grewal said the following on the subject:
“After the U.S. Court of Appeals made clear that the SEC cannot arbitrarily or capriciously deny these applications, I think we will see the commission fulfill its responsibilities. “I'm pretty sure of that.”
He also said, “I'm pretty hopeful that these ETF applications will be accepted, just because they have to be accepted under the law.” said.
The SEC recently suffered a major setback in court when a judge ruled that the regulator had no basis to reject Grayscale's proposal to convert its GBTC Bitcoin fund into an ETF. The SEC declined to appeal that decision by deadline last week, possibly paving the way for the approval of Bitcoin-related ETFs in the coming months.
Grewal highlighted this failure in court and expressed optimism about the approval of additional Bitcoin ETFs. “Since the SEC follows the law and must apply the law impartially to pending filings, we think other ETFs will be operational very soon,” Grewal said.
Grewal remains positive about the future of crypto. Coinbase official concluded his words as follows:
“We are very excited that a number of developments that we think will return investor and consumer interest in crypto are just around the corner, or are underway as we speak.”
*This is not investment advice.