Coinbase Confident SEC Will Approve Spot Bitcoin ETF

The buzz around a Spot Bitcoin Exchange Traded Fund (ETF) is reaching fever pitch. Coinbase is likely to benefit from any Bitcoin ETF approval, and optimism is high. Coinbase’s Chief Legal Officer, Paul Grewal has recently used the law to back the approval of a Spot Bitcoin Exchange Traded Fund (ETF) by the United States Securities and Exchange, arguing the SEC should adhere to legal precedents.

Many believe the SEC just needs to follow the law and is required to apply the law in “neutral” to the applications. Grewal's arguments center around compelling the SEC to view Bitcoin ETFs similarly to existing Bitcoin futures ETFs. The industry eagerly awaits the SEC's decision.

And the wait is over! The U.S. SEC finally approved the Spot Bitcoin ETFs on Wednesday. This landmark decision marks a significant turning point for the cryptocurrency market. The US Securities and Exchange commission approved eleven spot bitcoin ETFs after the market close on Wednesday.

So, what does this approval mean for Coinbase? Coinbase (COIN) will serve as the custodian for a majority of the issuers. This custodial role positions Coinbase as a key player in the Bitcoin ETF ecosystem. Mizuho analysts explain what it may mean for Coinbase Global. Shares of Coinbase ended last year strongly, and this approval could further bolster their position and drive growth. The approval validates the arguments put forth by Coinbase and others in the industry, paving the way for wider adoption of Bitcoin investments.