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Paul Grewal, the Chief Legal Officer of Coinbase, stated in an interview with CNBC that the Securities and Exchange Commission (SEC) is obliged to approve a legal framework for a spot Bitcoin ETF. He emphasized that it is not possible to predict when the approval will come, but stated that it will definitely happen, saying, “I look forward to the acceptance of ETF applications because they are required to be accepted by law.”
Grewal highlighted that the US Appeals Court explicitly stated that the SEC cannot arbitrarily or capriciously reject Bitcoin ETF applications. As it is known, the court ruled against the SEC in the request of Grayscale, the world’s largest crypto fund manager, to convert its massive Bitcoin fund (GBTC) into a spot ETF. After the court’s decision, Grayscale reorganized its rejected spot Bitcoin ETF application and resubmitted it to the US federal agency.
The SEC is criticized for not adequately explaining its actions against crypto companies. Experts believe that the current cooperation between the US federal regulatory agency and the applicants of spot Bitcoin ETF is a sign of approval.
Approval of Spot Bitcoin ETF Will Benefit Coinbase
On the other hand, it is emphasized that Coinbase, as a cryptocurrency exchange, is one of the expected major beneficiaries of the approval of a spot Bitcoin ETF. So far, the actions of the SEC have significantly affected the trading volume and investors in the cryptocurrency market. Experts argue that the SEC should simply follow the laws and be impartial in their enforcement, and evaluate that the approval will attract investors back to the cryptocurrency market and trigger an increase in trading volume.
Coinbase also makes a serious defense by claiming that the US federal regulatory agency has exceeded its authority in regulating the cryptocurrency market in the ongoing lawsuit initiated by the SEC.
