“I am hopeful that these requests will be accepted”. These words are those of Paul Grewalthe legal director of Coinbase. He pronounced them on the microphone of CNBC last Friday when the journalist asked him what he thought multiple ETF requests cash deposited with the Security and exchange commission (DRY). Resolutely optimistic, and with good reasons to be, Paul Grewal also gave his point of view on the market situation, on the financing of terrorism, on the trial of Sam Bankman-Fried or on the next halving of Bitcoin. Diving into the head of a insider at the forefront of major crypto events.
Good reasons to see the SEC accept ETFs
The interview with the legal director of Coinbase on CNBC was conducted by Arjun Kharpal, journalist specializing in technology and financial issues. After addressing various burning questions on current events in the Middle East, it was finally discussed the subject that interests us today: the Spot Bitcoin ETF that the SEC is slow to want to validate. And, to the question of whether he thought that these financial products would be validated in the near future, here is his answer:
“I am hopeful that these requests will be granted, if only because they should be granted under the law. »
Paul Grewal interviewed by Arjun Kharpal – Source: CNBC
His response obviously echoes the recent decision of the SEC not to appeal in the case which contrasts it with Grayscalewhich should, according to Paul Grewal pave the way for official approval of these ETFs. Extract :
“I think the companies that have put forward these strong proposals are some of the largest financial services companies. So that suggests, I think, that we will see progress in this area in the near term. »
Paul Grewal interviewed by Arjun Kharpal – Source: CNBC
For him, no doubt, the SEC will have to comply to court decisionsand in particular to that of the court of appeal of his country:
“I think after the U.S. Court of Appeals explicitly stated that the SEC cannot reject these requests arbitrarily or capriciously, we are going to see the commission take responsibility. I’m quite confident on the subject. »
Paul Grewal interviewed by Arjun Kharpal – Source: CNBC
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Money will return to the crypto market very soon
First of all, these Spot Bitcoin ETF would give investors the opportunity to gain exposure to the growth of Bitcoin without having to buy cryptocurrency directly on exchanges, and this is valid for individuals as well as institutions. Of course, with its privileged position in the American crypto landscape, Coinbase is tipped to be the preferred partner of many companies which will offer these famous ETFs. Additionally, Paul Grewal notes some signals that could herald a return of money into crypto, between the halving approaching and a possible change in FED policy regarding key rates.
Finally, regarding the trial of Sam Bankman-Fried, the legal director of the number 1 exchange in the United States, paradoxically sees this as a rather positive event for the ecosystem. Explanations:
“The events are encouraging and I find it good that a number of bad actors in this space are being held accountable through criminal trials and aggressive regulatory actions. »
Paul Grewal interviewed by Arjun Kharpal – Source: CNBC
Finally, Paul Greawal takes a rather positive view of all these events which revolve around crypto and which could lead to a return of interest investors and users for crypto in the near future. The end of the problems for the industry and the return of happy days? Coinbase wants to believe it and his optimism seems contagious.
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