Paul Grewal, the Chief Legal Officer (CLO) of Coinbase Global Inc., expressed confidence and optimism regarding the approval of a spot Bitcoin (BTC) Exchange Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC).
Coinbase’s Positive Outlook Over Spot Bitcoin ETF Approval
Grewal shared his positive outlook during a conversation with CNBC, emphasizing Coinbase’s strong belief that the SEC will grant approval for new spot BTC ETF offerings. Additionally, he did not specify the timing of the approval or the sequence in which it might occur.
This statement echoes the sentiment of two Bloomberg ETF analysts, Eric Balchunas and James Seyffart, who recently raised the odds of spot BTC ETF approval by the SEC to 90%, showing increased confidence in the regulator’s decision.
SEC’s Recent Moves
The recent developments in the SEC’s legal battle with Grayscale have also raised expectations for the approval of a Bitcoin-related ETF. A judge ruled that the SEC lacked a basis to reject Grayscale’s bid to convert its Bitcoin Trust into a physically-backed ETF.
Surprisingly, the SEC chose not to appeal this decision, increasing the likelihood of Grayscale’s GBTC becoming an ETF.
Major Players in the Bitcoin ETF Race
Several industry giants, including BlackRock, Fidelity, and Invesco, are seeking approval to list BTC ETF products. Furthermore, Grewal believes that the reputation and status of these applicants will play a significant role in their approval process.
“I think that the firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services,”
Grewal noted.
The expectation for a spot BTC ETF approval remains high, with influential industry players showing confidence in the SEC’s decision-making process.
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