Coinbase Confident in U.S. Bitcoin ETF Approval
🚀 Coinbase Confident ‘Bout SEC Approvin’ Bitcoin ETF 🚀
Eh, da kine folks ova at Coinbase stay real hopeful ’bout gettin’ da green light from da U.S. Securities an’ Exchange Commission (SEC) for one U.S. bitcoin exchange-traded fund (ETF). Paul Grewal, da head honcho lawyer for Coinbase, wen’ tell CNBC, “I get high hopes dat dese [ETF] applications goin’ get approved, ’cause dey should, by da book.”
Now, da SEC, dey wen’ face one big setback not too long ago wen’ one judge said dey had no good reason fo’ shoot down Grayscale, one company dat like make deir massive GBTC bitcoin fund into one ETF. Da SEC, dey neva like make mo’ noise ’bout dis in court, so now, we stay lookin’ like we goin’ get one bitcoin-related ETF pretty soon, maybe jus’ few months away!
Grewal wen’ mention, “I tink all dose companies comin’ up wit solid ideas fo’ dese kine products an’ services, dey some heavy hitters in da money world.” So, look like we goin’ see some action on dis one real soon!
But hold on, he neva tell us when exactly dis goin’ down, an’ he throw in da big maybe, say da final say still stay wit da SEC.
Anyways, he stay real sure now dat da SEC goin’ give da nod fo’ one bitcoin ETF, ’cause dey neva win in court, tryin’ fo’ block Grayscale from turnin’ deir GBTC bitcoin fund into one ETF.
Now, check dis out, dis one photo of Coinbase, dis digital money exchange, on June 06, 2023, lookin’ like dey gettin’ in trouble wit da Securities an’ Exchange Commission. Dey say Coinbase wen’ break some rules ’bout securities, actin’ like one exchange, broker, an’ clearing house, all dis without signin’ up wit da SEC.
But Grewal, he stay positive, “Afta da U.S. Court of Appeals wen’ tell da SEC dey can’t reject dese applications fo’ no good reason, we goin’ see da commission step up an’ do deir job. I stay real confident ’bout dat.”
Da SEC, dey no talk back ’bout what Grewal wen’ say when CNBC went ask ’em ’bout it.
So, what dis bitcoin ETF? Well, if we get one, investors no need buy bitcoin straight from one exchange, dey can invest diff’rent, more easy-like.
Dat sound good fo’ da small-time investors who like make some money from bitcoin but no like deal wit da hassle of ownin’ da real thing.
An’ you know, Coinbase, dey goin’ smile big if one bitcoin ETF get da green light. Dey da biggest crypto exchange inside da U.S., plenty investors get deir stock ’cause dey like in on da crypto action.
But no everyting goin’ perfect fo’ Grayscale, dey tryin’ turn GBTC into an ETF. Dey get dis parent company, Digital Currency Group, an’ couple other crypto companies like Gemini an’ Genesis. All of dem, dey get one lawsuit from New York’s attorney general ’cause dey say dis crew wen’ scam investors outta mo’ den $1 billion!
But Grewal, he still talk like he on one lucky streak, “We tink we goin’ see mo’ ETFs soon, as long as da SEC do wat dey posed to do, follow da law an’ no play favorites wit da applications still waitin’.”
Dis year, bitcoin wen’ make one nice comeback, go up ’bout 72%. It wen’ bounce back strong afta get pounded in 2022.
People, dey start want buy more bitcoin ’cause dey tink da Federal Reserve goin’ stop raisin’ interest rates an’ ’cause dey all excited ’bout dis bitcoin “halving” thing, where dey cut da rewards fo’ bitcoin miners in half, so get less bitcoin around.
But even wit all dat, da trading action slow down, ’cause da small investors no mo’ interest an’ some big shots like FTX, BlockFi, an’ Three Arrows Capital take one real beatin’.
FTX, dey wen’ crash an’ burn last year, ’cause everybody wen’ run away when dey start worry ’bout not enough cash. Da company an’ da boss, Sam Bankman-Fried, dey wen’ get blamed for one big scam, like multibillion dollars worth! Bankman-Fried stay on trial now, say he neva do nottin’ wrong.
Grewal, he wen’ talk ’bout da trial, too, “I stay feelin’ good, feelin’ positive, ’cause plenny of da bad guys in dis game goin’ get deir day in court, an’ da regulators goin’ get tough, too.”
So, look like da bitcoin world stay hoppin’, an’ we goin’ see mo’ action soon, as long as da SEC stay on track an’ no go mess things up!
Dat’s all fo’ now, but stay tuned fo’ mo’ updates on da wild world of bitcoin! 🚀
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