Coinbase Confident in U.S. Bitcoin ETF Approval, SEC Faces Court Setback

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Eh, folks, dis jus’ in from da Coinbase chief legal officer, Paul Grewal, talking wit CNBC. He wen’ tell ’em, “Eh, we get plenny hope dat dem U.S. Securities and Exchange Commission (SEC) go give da nod to da bitcoin exchange-traded fund (ETF)!” 🤙 Paul Grewal wen’ add, “We tink dey gotta approve ’em ’cause da law say so!” He wen’ talk to CNBC’s Arjun Kharpal, spilling all da beans. 🗣️ Now, hold on to ya coconuts, ’cause da SEC wen’ take one big punch in da kini when one judge wen’ say, “Nah, you guys no can block Grayscale from turnin’ deir GBTC bitcoin fund into one ETF!” 💥 Last week, SEC wen’ tell us dey no like appeal dat judge’s decision, so get ready fo’ see one bitcoin ETF come true in da next couple months! 📆 Paul Grewal wen’ say, “All da big kahunas in financial services stay comin’ up wit da rock-solid plans fo’ dese kine products and services.” He stay talkin’ ’bout da big blue-chip companies. 🏦 But, no tell nobody I told you, he neva give us one exact date wen’ dis goin’ down. Plus, he wen’ throw in one big “But,” and tell us, “Eh, da final call, dat’s up to da SEC, brah.” 🤷 But still, Paul Grewal stay pretty sure da SEC go wave ‘um through soon, ’cause dey wen’ fail fo’ block Grayscale from turnin’ GBTC into ETF. 🌊 Okay, now let’s talk about da SEC wen’ get one big fat slap from da U.S. Court of Appeals. Dey wen’ tell da SEC, “Eh, you guys no can just reject dese applications fo’ no good reason, yeah?” 😳 So now, da SEC, dey gotta do deir job and follow da rules, no can be all random and crazy. Paul Grewal wen’ say, “I stay super confident dat da SEC go do deir ting.” 💪 But wen’ CNBC contact da SEC fo’ comment, dey wen’ stay tight-lipped, no say nuttin’. 🤐 Now, dis bitcoin ETF, wat it mean fo’ regular folks like us? Well, if dis ting go through, dat mean you can own bitcoin without goin’ through all da trouble of buying ’em from one exchange. 🤑 So, if you like get some bitcoin action but no like hold da real stuff, dis might be da way fo’ you. You can get exposure to bitcoin witout actually owning da ting. 👀 And you know who goin’ smile big time if dis bitcoin ETF happen? Coinbase! Dey da biggest crypto exchange in da U.S. and plenny people get deir stocks fo’ some crypto action. 📈 But no need pop da champagne yet, ’cause Grayscale still gotta deal wit some issues fo’ deir GBTC to become ETF. 😬 Grayscale, dey one asset management company, but deir parent company, Digital Currency Group, along wit crypto exchange Gemini and DCG’s baby Genesis, dey all get one lawsuit from New York’s attorney general. Dey say dem guys defraud investors more than $1 billion! 😱 But, Paul Grewal, he still stay positive ’bout da idea dat mo’ bitcoin ETFs goin’ get da green light. He wen’ say, “We tink oddah ETFs goin’ pop up soon, as long as da SEC do deir job da right way.” 🚦 Now, let’s talk ’bout bitcoin. Dis year, bitcoin wen’ make one big comeback, like one silent ninja, up 72%! 😎 Why? ‘Cause people start lookin’ at bitcoin again, ’cause da Federal Reserve talkin’ ’bout stop raisin’ interest rates, and everybody stay hyped fo’ da bitcoin “halving” ting. Dat’s when dey cut da rewards fo’ miners in half, so no mo’ much bitcoin floatin’ around. 💰 But, even though bitcoin wen’ make one epic comeback, da trading action wen’ slow down, ’cause da regular folks no stay dat interested, wit no big ups and downs. Plus, some major players like FTX, BlockFi, and Three Arrows Capital, dey wen’ take some heavy hits. 💥 FTX, dey wen’ go kapu last year ’cause everybody wen’ run away ’cause of da liquidity problem. Now dey and deir boss, Sam Bankman-Fried, dey get one lawsuit sayin’ dey defraud investors wit one huge scheme, but Sam say, “Nope, no guilty!” 👨‍⚖️ Paul Grewal, he wen’ talk ’bout dis trial too. He wen’ say, “Eh, I stay feelin’ pretty good dat da bad guys in dis game goin’ get da hammer from da law, and da regulators goin’ give ’em one good pounding!” 🛠️ So, wat we learned today? Coinbase stay positive ’bout da bitcoin ETF gettin’ da green light, SEC stay chillin’, and bitcoin stay sneakin’ back up, ninja style. Plus, some big names in da crypto world get some trouble on deir hands. 📈🚀🤨 So, keep one eye on da crypto news, ’cause da action neva stop in dis wild west of digital money! 🌵💰🤠

NOW IN ENGLISH

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! 🤠💰