- Market participants and applicants are awaiting Bitcoin Spot ETF Approvals.
- Coinbase Chief Legal Officer Paul Grewal is confident that the SEC will soon accept Bitcoin Spot ETF Approvals.
- Grewal shared that the SEC’s dominance is waning following its subdued response to Grayscale.
The crypto industry has been eagerly anticipating Bitcoin Spot ETF Approvals, especially since heavyweights like BlackRock and Fidelity signaled their interest in June. Yet, the SEC continues to test their patience by repeatedly delaying their response.
However, amid mounting pressure from lawmakers and recent courtroom defeats, particularly against Ripple and Grayscale, the SEC’s dominance appears to be waning, stirring excitement among applicants and market participants, including Coinbase, who now have their sights set on potential approvals by January next year.
Coinbase’s Paul Grewal Confident SEC Will Approve ETF Proposals
In an interview with CNBC, Coinbase Chief Legal Officer Paul Grewal, sharing sentiment similar to BlackRock CEO Larry Fink, Mike Novogratz, and JP Morgan, forecasted that the SEC will approve a Spot Bitcoin ETF, especially after the regulator didn’t contest Grayscale’s pursuit of Bitcoin Spot ETFs.
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Expressing his optimism, Grewal added:
“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law,”
Addressing the growing stack of Bitcoin Spot ETF proposals submitted to the SEC, Grewal noted:
“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.”
While the Coinbase executive didn’t provide a specific timeline for the SEC to approve the proposals, he believes that current conditions indicate the regulator’s impending acceptance, given its restrained response in blocking Grayscale from converting its GBTC fund into an ETF.
Grewal also pointed out that the US Court of Appeals has made it clear that the SEC could not reject Bitcoin Spot ETF applications on an arbitrary or capricious basis, further supporting the likelihood of the regulator approving soon.
On the Flipside
- Bitcoin recently experienced a short-lived rally from $26,000 to $30,000 following a false ETF approval report.
- The aftermath of the False ETF approval news pump resulted in users losing over $65 million in Bitcoin short positions. These losses could entice the SEC to delay their response further.
Why This Matters
The SEC’s influence is slowly dwindling as lawmakers breathe down its neck. A Bitcoin Spot ETF Approval will forever change the crypto industry, propelling it into the mainstream by allowing anyone to invest in the asset without exposing themselves to it.
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