Coinbase Made a Spot Bitcoin ETF Announcement!

Coinbase, on spot Bitcoin ETF announcement further raised expectations. Recent developments and news have raised hopes for the imminent approval of the spot Bitcoin ETF.

It had a positive impact on BTC and altcoins. With BTC approaching $30,000 levels, noticeable increases occurred. Solana (SOL) reached 27 dollars while Bitcoin SV (BSV) saw numbers of 55 dollars.

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While the market exuded a positive atmosphere, Paul Grewal, Chief Legal Officer of Coinbase, confidently stated his belief that the US will approve the spot Bitcoin ETF. In his statements to CNBC, Paul Grewal said, “I carry a great hope that spot ETFs will be accepted in the future.” Coinbase’s Spot Bitcoin ETF Statement is exactly as follows:

• I think the SEC will approve spot Bitcoin ETFs soon due to recent events.
• Because the SEC suffered a major defeat against Grayscale. The SEC failed to prevent Grayscale’s GBTC fund from being converted into an ETF.
• The SEC announced last week that it would not appeal this decision. This has opened the way for a Bitcoin-related ETF to be approved in the coming months.
• After the US Court of Appeals clearly stated that the SEC cannot arbitrarily or capriciously reject spot ETF applications, I am confident that the SEC will fulfill its responsibilities.
• At this point, I cannot give a definite date as to when the approval will come, but I think it will come soon.

In his final sentences, which he concluded as a warning, Grewal said, “While there is optimism about the ETF, the ultimate decision will belong to the SEC and we cannot know 100% what decision it will make.”

However, Grewal emphasized that the SEC will likely approve a Bitcoin ETF soon, highlighting the regulator’s inability in court to prevent Grayscale from converting its GBTC Bitcoin fund into an ETF.

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