Coinbase’s Paul Grewal Foresees Imminent SEC Approval for Bitcoin ETF

Coinbase’s top legal executive, Paul Grewal, anticipates that the U.S. Securities and Exchange Commission (SEC) will shortly greenlight a Bitcoin exchange-traded fund (ETF). He shared his confidence with CNBC, predicting the imminent approval of a U.S. Bitcoin ETF. This statement follows a major judicial ruling indicating that the SEC lacked valid reasons to refuse Grayscale’s proposal to convert its GBTC Bitcoin fund into an ETF.

The SEC chose not to contest this decision, leading many to believe that the nod for Bitcoin ETFs may be close at hand. Despite existing legal challenges associated with Grayscale’s parent entity, Digital Currency Group, and the Gemini crypto platform, Grewal remains positive on more Bitcoin ETFs gaining approval. He didn’t specify a timeline for such endorsements but emphasized that the commission would likely uphold its legal duties based on the recent court’s judgment.

He commented, “Following the clear directive from the U.S. Court of Appeals that the SEC can’t arbitrarily turn down these requests, I foresee the commission acting according to its role. I’m very assured of this.”

The potential endorsement is seen as attractive to retail investors looking for Bitcoin exposure without directly buying from exchanges. Major crypto exchanges like Coinbase, the U.S.’s largest, stand to gain considerably if a Bitcoin ETF gets the nod.

Additionally, Grewal weighed in on the ongoing case against former FTX CEO, Sam Bankman-Fried, accused of deceiving FTX investors. Grewal voiced his satisfaction, emphasizing the importance of holding wrongdoers accountable through such trials and strict oversight.

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