Ethereum

Bitcoin ETF

<p class="is-style-lead">The Coinbase team has called on the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" target="_blank" rel="noreferrer noopener">SEC</a>) to approve Grayscale’s application to launch a spot Ethereum (<a href="https://crypto.news/price/Ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) ETF.</p> 
<p>The company’s chief lawyer, Paul Grewal, believes that approval of Grayscale’s application is necessary through the preliminary conversion of the ETH trust into an instrument.</p> 
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   <p lang="en" dir="ltr">Today <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@coinbase</a> responded to <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@SECGov</a>'s request for comment on the proposed <a href="https://twitter.com/Grayscale?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Grayscale</a> Ether Trust ($ETHE) ETP. 27 pages and 96 citations that provide the (1) legal, (2) technical, and (3) economic rationale for approval. 1/6</p>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1760429424951054495?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 21, 2024</a>
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<p>Coinbase shared a call with the SEC to approve the tool as part of the regulator’s comment process on the application. Grewal noted that the crypto exchange had presented the Commission with a “legal, technical and economic justification” for allowing the launch of Grayscale’s Ethereum spot <a href="https://crypto.news/tag/etf/" target="_blank" rel="noreferrer noopener">ETF</a>.</p> 
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 <p>“Ether’s Proof of Stake has demonstrably strong governance that exhibits robust characteristics across ownership concentration, consensus, liquidity, and governance, mitigating risks of fraud and manipulation.”</p> <cite>Paul Grewal, Coinbase chief lawyer</cite>
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<p>Grewal also noted that Coinbase is committed to supporting innovation and creating a transparent, secure, inclusive financial ecosystem. For this purpose, the company constantly maintains dialogue and researches regulatory solutions in the cryptocurrency environment.</p> 
<p>On Jan. 25, the SEC <a href="https://crypto.news/sec-delays-grayscale-spot-ethereum-etf-to-may/" target="_blank" rel="noreferrer noopener">postponed</a> its consideration of <a href="https://crypto.news/tag/Grayscale/" target="_blank" rel="noreferrer noopener">Grayscale</a>‘s Ethereum ETF application until March 10. Commission Chairman Gary Gensler recalled that the approval of a Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) spot ETF was limited to only one cryptocurrency. The delay also affected BlackRock’s similar bid for a spot crypto ETF.</p> 
<p>Grayscale head of legal Craig Salm believes the SEC will likely approve an ETF based on the Ethereum spot price in the summer of 2024.</p> 
<p> You might also like: <a href="https://crypto.news/grayscale-ceo-calls-for-regulatory-approval-on-spot-bitcoin-etf-options/"> Grayscale CEO calls for regulatory approval on spot Bitcoin ETF options </a> </p>

Coinbase calls on SEC to approve Grayscale’s spot Ethereum ETF

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