Coinbase’s Chief Legal Officer, Paul Grewal, is confident that a U.S. Bitcoin exchange-traded fund (ETF) will be approved soon after the Securities and Exchange Commission (SEC) suffered a legal setback. A judge ruled that the SEC had no valid reason to reject Grayscale’s request to convert its GBTC bitcoin fund into an ETF, and the SEC chose not to challenge this ruling. Grewal believes that the robust proposals from major financial firms for ETFs indicate progress in the approval process. While Grewal does not specify a launch date for a spot Bitcoin ETF, JPMorgan expects it to be available by the end of the year or early 2024. The approval of a Bitcoin ETF would benefit Coinbase, the largest cryptocurrency exchange in the United States. Grewal is optimistic about the possibility of more Bitcoin ETFs receiving approval in the near future, as the SEC is required to apply the law in a neutral way to pending applications.

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Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	1
People	Paul Grewal
Companies	JPMorgan, Coinbase, Grayscale, Securities and Exchange Commission (SEC)
Currencies	Bitcoin
Securities	None