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Will the SEC’s latest setback accelerate the approval of BTC ETF applications?

Press Releases Crypto News AMB-Crypto Will the SEC’s latest setback accelerate the approval of BTC ETF applications?

As the largest crypto exchange in the United States, Coinbase stands to benefit from the potential approval of a Bitcoin ETF.
Grewal remains optimistic about the future of Bitcoin ETFs and believes that the SEC will impartially and legally process pending ETF applications.

In a recent development, Coinbase’s Chief Legal Officer, Paul Grewal, expressed confidence in the eventual approval of a U.S. Bitcoin [BTC] exchange-traded fund [ETF] by the U.S. Securities and Exchange Commission (SEC). Grewal highlighted the recent legal defeat suffered by the SEC in blocking Grayscale from converting its GBTC bitcoin fund into an ETF. This setback has bolstered expectations that a bitcoin-related ETF will soon gain regulatory approval.

“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law,” Grewal explained in an interview with CNBC.

Grewal did not specify a timeline for this potential approval. However, he emphasized that the SEC has a favorable environment for granting Bitcoin ETFs. This is given the legal implications of its recent court setback.

Grewal noted that prominent financial services companies with strong proposals have expressed interest in offering Bitcoin-related products and services. This interest suggested that the SEC was likely to make progress on approving Bitcoin ETFs in the near future.

While the decision ultimately rests with the SEC, the recent legal precedent set by the U.S. Court of Appeals indicates that the regulatory body cannot reject ETF applications arbitrarily. Coinbase anticipates that the SEC will fulfill its responsibilities in approving Bitcoin ETFs in a

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Author: Suzuki Shillsalot

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