<![CDATA[<figure class="image"><img src="https://cimg.co/news/126688/334529/51093632603-6aa6c74739-b-.jpg" srcset="https://cimg.co/news/126688/334529/responsive-images/51093632603-6aa6c74739-b-___media_library_original_1024_683.jpg 1024w, https://cimg.co/news/126688/334529/responsive-images/51093632603-6aa6c74739-b-___media_library_original_900_600.jpg 900w, https://cimg.co/news/126688/334529/responsive-images/51093632603-6aa6c74739-b-___media_library_original_720_480.jpg 720w, https://cimg.co/news/126688/334529/responsive-images/51093632603-6aa6c74739-b-___media_library_original_600_400.jpg 600w, https://cimg.co/news/126688/334529/responsive-images/51093632603-6aa6c74739-b-___media_library_original_300_200.jpg 300w" width="1024" class="content-img" alt=""><figcaption>Source: Marco Verch Professional Photographer on Flickr-CC</figcaption></figure><a href="https://cryptonews.com/reviews/coinbase/">Coinbase</a>&nbsp;Chief Legal Officer&nbsp;Paul Grewal&nbsp;believes that the U.S.&nbsp;Securities and Exchange Commission (SEC)&nbsp;will soon approve a spot&nbsp;<a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a>&nbsp;exchange-traded fund (ETF).In a recent interview with CNBC, Grewal expressed optimism regarding the approval of ETF applications.<blockquote>"I'm quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law."&nbsp;</blockquote>He highlighted the recent court ruling that dealt a blow to the SEC, stating that the regulator had no grounds to deny Grayscale's bid to convert its GBTC Bitcoin fund into an ETF.&nbsp;The SEC chose not to appeal that ruling, indicating a potential path for the approval of a Bitcoin-related ETF in the coming months.<blockquote>"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. So that, I think, suggests that we will see progress there in short order."&nbsp;</blockquote>He clarified that the ultimate decision lies with the SEC, but he believes that the regulatory body is likely to approve a Bitcoin ETF soon based on recent developments.A Bitcoin ETF would provide investors with a means to gain exposure to Bitcoin without directly purchasing the digital asset from an exchange.&nbsp;This alternative investment method could be particularly attractive to retail investors seeking exposure to Bitcoin without owning the underlying asset.<h2 id="coinbase-to-benefit-from-a-bitcoin-etf-approval">Coinbase to Benefit From a Bitcoin ETF Approval</h2>Coinbase stands to benefit from the approval of a Bitcoin ETF.&nbsp;As the largest crypto exchange in the United States, the company's common stock is included in portfolios designed to give investors exposure to cryptocurrencies.<blockquote>"We are quite excited that there are a number of developments we think that are just around the corner, or underway even as we speak, that will bring back investor and consumer interest in crypto."</blockquote>As&nbsp;<a href="https://cryptonews.com/news/bitcoin-could-hit-42k-if-blackrock-bitcoin-etf-approved-matrixport.htm">reported</a>, crypto financial services platform&nbsp;Matrixport&nbsp;has predicted a major Bitcoin rally if a spot ETF hits the market.&nbsp;Comparing this to the precious metals ETFs, which have a market cap of around $120 billion, assuming that 10-20% of precious metal ETF investors consider diversifying into a Bitcoin ETF as a hedge against monetary debasement and inflation, Matrixport said we could witness an inflow of $12 to $24 billion into the Bitcoin ETF.<blockquote>"If Tether&rsquo;s market cap increases by $24 billion, acting as a proxy for potential ETF inflows, Bitcoin&rsquo;s price would rise to $42,000, representing a conservative estimate."</blockquote>Moreover, with a larger influx of $50 billion resulting from a 1% allocation recommendation by RIAs, Bitcoin has the potential to rally up to $56,000, the firm added.&nbsp;
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Coinbase Chief Legal Officer Says the SEC Will Approve a Bitcoin ETF Soon

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