Paul Grewal, Chief Legal Officer (CLO) of Coinbase Global Inc. expressed his confidence and expectations for a spot approval of the Bitcoin (BTC) Exchange Traded Fund (ETF) from the Securities and Exchange Commission (SEC) the United States.
Grewal is optimistic that the regulator will fulfill its responsibilities by approving this highly sought-after investment product.
One-time BTC ETF approval coming soon
In a conversation with CNBC, the Coinbase CLO highlighted that the American cryptocurrency exchange is strongly believes that the American regulator will approve listing requests for the new BTC ETF spot offering. Grewal clearly said nothing about when he expects approval to come or in what sequence it would arrive.
“I am hopeful that these [ETF] requests will be granted, if only because they should be granted under the law,” Grewal said.
His opinion further highlights the position of two Bloomberg ETF analysts who recently highlighted the chances of a spot Bitcoin ETF being approved by the SEC. Eric Balchunas and James Seyffart raised Bitcoin ETF spot approval odds at 90% after pegging it at 75% in an earlier projection. The progression of the value designated as the probability of obtaining approval shows the level of confidence that these analysts have in the regulator’s decision.
Additionally, the SEC’s recent ruling in its lawsuit with Grayscale suggests that a bitcoin-related ETF could be coming in the coming months. Following the opinion of a judge decision that the SEC had no reason to reject Grayscale’s bid to convert its Bitcoin Trust into a physically-backed ETF, it was widely expected that the regulator would appeal the decision, as it did. try to be done in the case of Ripple Labs and XRP.
However, in a shocking revelation, the regulator decided that he was not going to appeal the court’s decision. This means that the grayscale now has a higher value. possibility to transform its GBTC into an ETF.
Best Players in the Bitcoin ETF Race
A number of industry giants are seeking approval to list the Bitcoin ETF product, including BlackRock, Fidelity and Invesco. Besides the small victories achieved so far, the Coinbase CLO believes that the status and reputation of most applicants will play a role in gaining approval this time around.
“I think the companies that have put forward strong propositions for these products and services are some of the biggest names in the financial services industry,” Grewal added.