{"id":4134,"date":"2023-10-22T03:30:10","date_gmt":"2023-10-22T03:30:10","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/coinbase-chief-legal-officer-says-the-sec-will-approve-a-bitcoin-etf-soon\/"},"modified":"2023-10-22T03:30:11","modified_gmt":"2023-10-22T03:30:11","slug":"coinbase-chief-legal-officer-says-the-sec-will-approve-a-bitcoin-etf-soon","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=4134","title":{"rendered":"Coinbase Chief Legal Officer Says the SEC Will Approve a Bitcoin ETF Soon"},"content":{"rendered":"
\n

Coinbase<\/strong>\u00a0Chief Legal Officer\u00a0Paul Grewal<\/strong>\u00a0believes that the U.S.\u00a0Securities and Exchange Commission (SEC)<\/strong>\u00a0will soon approve a spot\u00a0Bitcoin (BTC)<\/strong>\u00a0exchange-traded fund (ETF).<\/p>\n

In a recent interview with CNBC, Grewal expressed optimism regarding the approval of ETF applications.<\/p>\n

\n

“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law.”\u00a0<\/p>\n<\/blockquote>\n

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.\u00a0<\/p>\n

The SEC chose not to appeal that ruling, indicating a potential path for the approval of a Bitcoin-related ETF in the coming months.<\/p>\n

\n

“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.”\u00a0<\/p>\n<\/blockquote>\n

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.<\/p>\n

A Bitcoin ETF would provide investors with a means to gain exposure to Bitcoin without directly purchasing the digital asset from an exchange.\u00a0<\/p>\n

This alternative investment method could be particularly attractive to retail investors seeking exposure to Bitcoin without owning the underlying asset.<\/p>\n

Coinbase to Benefit From a Bitcoin ETF Approval<\/h2>\n

Coinbase stands to benefit from the approval of a Bitcoin ETF.\u00a0<\/p>\n

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.<\/p>\n

\n

“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.”<\/p>\n<\/blockquote>\n

As\u00a0reported, crypto financial services platform\u00a0Matrixport<\/strong>\u00a0has predicted a major Bitcoin rally if a spot ETF hits the market.\u00a0<\/p>\n

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.<\/p>\n

\n

“If Tether\u2019s market cap increases by $24 billion, acting as a proxy for potential ETF inflows, Bitcoin\u2019s price would rise to $42,000, representing a conservative estimate.”<\/p>\n<\/blockquote>\n

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.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Coinbase\u00a0Chief Legal Officer\u00a0Paul Grewal\u00a0believes that the U.S.\u00a0Securities and Exchange Commission (SEC)\u00a0will soon approve a spot\u00a0Bitcoin (BTC)\u00a0exchange-traded fund (ETF). In a recent interview…<\/p>\n","protected":false},"author":1,"featured_media":4135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-4134","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"\nCoinbase Chief Legal Officer Says the SEC Will Approve a Bitcoin ETF Soon | inFundPros<\/title>\n<meta name=\"description\" content=\"Coinbase\u00a0Chief Legal Officer\u00a0Paul Grewal\u00a0believes that the U.S.\u00a0Securities and Exchange Commission (SEC)\u00a0will soon approve a spot\u00a0Bitcoin\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=4134\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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