Coinbase Confident in U.S. Bitcoin ETF Approval, SEC Faces Court Setback
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Coinbase Confident in U.S. Bitcoin ETF Approval, SEC Faces Court Setback
Hey there, everyone! We’ve just received an update from the Coinbase chief legal officer, Paul Grewal, during his interview with CNBC. He shared with them, “Hey, we have a lot of hope that the U.S. Securities and Exchange Commission (SEC) will give the green light to the bitcoin exchange-traded fund (ETF)!”
Paul Grewal also added, “We believe they have to approve it because the law dictates so!” He spoke with CNBC’s Arjun Kharpal and spilled all the details. 📢
Now, hold onto your coconuts, because the SEC took a big hit when a judge declared, “No, you cannot prevent Grayscale from converting their GBTC bitcoin fund into an ETF!”
Last week, the SEC informed us that they won’t appeal that judge’s decision, so get ready to witness a bitcoin ETF becoming a reality in the next few months! 🚀
Paul Grewal mentioned, “All the major players in financial services are coming up with solid plans for these types of products and services.” He was referring to the prominent blue-chip companies.
But, keep it between us, he didn’t provide an exact date for when this will happen. Plus, he threw in a big “But” and emphasized, “The final call rests with the SEC, my friends.”
Nonetheless, Paul Grewal is quite confident that the SEC will give the green light soon, as they failed to block Grayscale from turning GBTC into an ETF. 💪
Now, let’s talk about the SEC receiving a significant rebuke from the U.S. Court of Appeals. They told the SEC, “Hey, you can’t just reject these applications without a valid reason, okay?”
So, now the SEC has to do their job and follow the rules, no more random decisions. Paul Grewal expressed, “I am super confident that the SEC will do their thing.”
However, when CNBC reached out to the SEC for comment, they remained tight-lipped, not saying a word. 🤐
Now, what does this bitcoin ETF mean for regular folks like us? Well, if it goes through, it means you can own bitcoin without the hassle of purchasing them from an exchange.
So, if you want to get in on some bitcoin action but don’t want to hold the actual cryptocurrency, this might be the way for you. You can have exposure to bitcoin without actually owning it.
And guess who will be smiling big if this bitcoin ETF becomes a reality? Coinbase! They are the largest crypto exchange in the U.S., and many people have invested in crypto through them.
But don’t pop the champagne just yet because Grayscale still has some issues to deal with for their GBTC to become an ETF.
Grayscale, an asset management company, and their parent company, Digital Currency Group, along with crypto exchange Gemini and DCG’s subsidiary Genesis, are all facing a lawsuit from New York’s attorney general. They are accused of defrauding investors of more than $1 billion! 😬
However, Paul Grewal remains optimistic about the idea that more bitcoin ETFs will receive approval. He said, “We believe other ETFs will emerge soon, as long as the SEC follows the correct procedures.”
Now, let’s talk about bitcoin. This year, bitcoin made a remarkable comeback, rising by 72%! 📈
Why? Because people started paying attention to bitcoin again, as the Federal Reserve talked about halting interest rate hikes, and everyone got excited about the bitcoin “halving.” That’s when they cut the rewards for miners in half, reducing the supply of new bitcoin.
But even though bitcoin had a comeback, the trading activity slowed down because regular folks weren’t as interested, and there were fewer dramatic price fluctuations. Additionally, some major players like FTX, BlockFi, and Three Arrows Capital faced significant setbacks.
FTX, in particular, faced difficulties last year due to liquidity problems. Now, FTX and its founder, Sam Bankman-Fried, are dealing with a lawsuit alleging they defrauded investors in a large scheme, but Sam claims he’s not guilty! ⚖️
Paul Grewal also commented on this trial. He said, “I feel pretty confident that the bad actors in this game will face legal consequences, and the regulators will hold them accountable!”
So, what have we learned today? Coinbase is optimistic about the bitcoin ETF approval, the SEC is playing it cool, and bitcoin is stealthily making a comeback, ninja-style. Plus, some big names in the crypto world are dealing with legal troubles.
Keep an eye on the crypto news because the excitement never stops in this wild west of digital money! 🤠💰