Bitcoin ETF

Bitcoin

Read

Coinbase Chief Legal Officer Paul Grewal discusses the prospective approval of Bitcoin spot ETFs by the U.S. SEC and its potential impact on the cryptocurrency landscape.
In an Oct. 19 <a href="https://www.cnbc.com/2023/10/20/coinbase-confident-a-us-bitcoin-etf-will-be-approved.html" data-type="link" data-id="https://www.cnbc.com/2023/10/20/coinbase-confident-a-us-bitcoin-etf-will-be-approved.html" target="_blank" rel="noopener noreferrer nofollow">interview with CNBC</a>, Paul Grewal, the chief legal officer of crypto exchange <a href="https://crypto.news/coinbase-legal-battle-takes-center-stage-crypto-chaos/" data-type="link" data-id="https://crypto.news/coinbase-legal-battle-takes-center-stage-crypto-chaos/" rel="noopener noreferrer nofollow">Coinbase</a>, expressed a sanguine outlook on the potential approval of Bitcoin spot exchange-traded fund (ETF) applications by the U.S. Securities and Exchange Commission (SEC).
Grewal’s optimism isn’t without foundation; he believes that under the current legal framework, the green light for these ETFs is merited.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Paul Grewal, chief legal officer of Coinbase, discussed recent reports on cryptocurrencies being used to fund terrorism-related activities <a href="https://t.co/IZHpSMwMag" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/IZHpSMwMag</a>— CNBC International (@CNBCi) <a href="https://twitter.com/CNBCi/status/1715095477132070931?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 19, 2023</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
Unlike ETFs that trail the prices of <a href="https://crypto.news/valkyrie-eyes-october-launch-for-bitcoin-futures-etf/" data-type="link" data-id="https://crypto.news/valkyrie-eyes-october-launch-for-bitcoin-futures-etf/" rel="noopener noreferrer nofollow">Bitcoin futures</a>, a spot Bitcoin ETF shadows the actual price of Bitcoin. This allows investors to gain exposure to the largest digital cryptocurrency without directly owning it. This concept caught the attention of traditional finance behemoths like <a href="https://crypto.news/us-sec-accepts-blackrocks-spot-bitcoin-etf-application/" data-type="link" data-id="https://crypto.news/us-sec-accepts-blackrocks-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow">BlackRock</a>, who ventured into filing for a spot ETF with the SEC earlier this year.
The ramifications of an approved spot Bitcoin ETF extend beyond a mere investment vehicle. For this ETF to function, asset managers will be required to purchase, hold, and store the digital assets on behalf of their clients.
You might also like: <a href="https://crypto.news/state-regulator-joins-sec-in-lawsuit-against-coinbase/" rel="noopener noreferrer nofollow"> State regulator joins SEC in lawsuit against Coinbase </a>
Drawing a parallel to <a href="https://etfdb.com/themes/physically-backed-gold-etfs/#:~:text=Physically%20Backed%20Gold%20ETFs%20seek,the%20gold%20in%20the%20vault." data-type="link" data-id="https://etfdb.com/themes/physically-backed-gold-etfs/#:~:text=Physically%20Backed%20Gold%20ETFs%20seek,the%20gold%20in%20the%20vault." target="_blank" rel="noopener noreferrer nofollow">physically backed gold ETFs</a>, this could consequently amplify the price of the cryptocurrencies in question, along with the entire sector.
<a href="https://crypto.news/matrixport-digital-finance-platform-1288-usdc-55-incentive/" data-type="link" data-id="https://crypto.news/matrixport-digital-finance-platform-1288-usdc-55-incentive/" rel="noopener noreferrer nofollow">Matrixport</a>, a notable crypto services provider, even projects that Bitcoin’s price (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) might oscillate between $42,000 and $56,000 if BlackRock’s ETF garners approval. Such a bullish trajectory would likely benefit crypto-affiliated stocks like Coinbase, <a href="https://crypto.news/microstrategy-adds-147m-worth-of-bitcoin-to-balance-sheet/" data-type="link" data-id="https://crypto.news/microstrategy-adds-147m-worth-of-bitcoin-to-balance-sheet/" rel="noopener noreferrer nofollow">MicroStrategy</a> (MSTR), and mining companies such as <a href="https://crypto.news/marathon-digital-holdings-mined-33-8-million-bitcoin-may/" data-type="link" data-id="https://crypto.news/marathon-digital-holdings-mined-33-8-million-bitcoin-may/" rel="noopener noreferrer nofollow">Marathon</a> (MARA) and <a href="https://crypto.news/riot-platforms-expands-operations-with-33000-new-miners/" data-type="link" data-id="https://crypto.news/riot-platforms-expands-operations-with-33000-new-miners/" rel="noopener noreferrer nofollow">Riot Platforms</a> (RIOT).
Although Grewal refrained from offering a timeline for these anticipated approvals, he emphasized the stature and credibility of the traditional financial institutions that have lodged applications.
He stated, “The firms that have put forth robust proposals for these products and services are some of the most prominent stalwarts in financial services.” This, in his view, signifies imminent progress in the realm of spot Bitcoin ETFs.
Read more: <a href="https://crypto.news/us-sec-asks-us-judge-to-reject-coinbases-dismissal-motion/" rel="noopener noreferrer nofollow"> SEC asks US judge to reject Coinbase’s dismissal motion </a>

Coinbase’s Grewal expresses optimism about approval of Bitcoin ETFs

crypto.news

Other articles published on Oct 20, 2023

Another Trillion Dollar Company Applies for Spot Ethereum ETF!

Lonjakan Transaksi SHIB Dinilai Ganjil

US Treasury Calls Crypto Mixers A Money Laundering Concern

Binance discontinues Visa Debit Card in email sent to clients

Coinbase Chief Legal Officer Says the SEC Will Approve a Bitcoin ETF Soon

Dump Alarm for This Altcoin That Has Increased 550 Percent Since August!

Join our free newsletter for daily crypto updates!