Coinbase is confident a U.S. bitcoin ETF will be approved after SECs court defeat
Summary
Coinbase is confident that a U.S. bitcoin exchange-traded fund will be approved by the U.S. Securities and Exchange Commission, the companys chief legal officer, Paul Grewal, told CNBC. The SEC was recently dealt a major court setback when a judge ruled that the regulator had no basis to deny digital asset management Grayscales bid to turn its huge GBTC bitcoin fund into an ETF. The asset management firms parent company, Digital Currency Group, along with crypto exchange Gemini and DCG subsidiary Genesis, were accused in a New York Attorney General lawsuit of defrauding investors of more than $1 billion. Still, trading volumes have declined, as retail investors have become uninterested in engaging in the market in light of a lack of volatility and in response to severe wounds suffered by once-large industry players like FTX, BlockFi, and Three Arrows Capital. "We are quite excited that there are a number of developments we think that are just around the corner, or underway even as we speak, that will bring back investor and consumer interest in crypto," Grewal added.