Coinbase: “SEC’s approval of a Bitcoin ETF is close”

Coinbase believes that approval of the Bitcoin ETF by the US Securities and Exchange Commission (SEC) is a matter of time, probably by the end of 2021. 

According to reports, the Nasdaq-listed crypto exchange as Coinbase Global Inc (NASDAQ: COIN) has commented on the SEC’s verdict regarding Bitcoin ETFs. 

Specifically, Coinbase stated as follows:

“We believe that given clear public interest and favorable market developments, it is only a matter of time before the U.S. SEC approves a Bitcoin ETF”.

At the moment, Bitcoin ETFs are still a hot topic as the SEC has continued to postpone its decision, thus not yet taking any position on the matter. 

In 2021 alone, the SEC postponed its decision on 15 March and then on 17 June. 

Not only that, the umpteenth postponement was only a fortnight ago, with the now-classic request to proponents to send further comments on how an ETF on Bitcoin could be susceptible to manipulation and how they intend to prevent fraudulent acts and practices. 

Yet, despite these constant postponements, Coinbase believes the SEC versus Bitcoin ETFs situation may turn out to be a success soon. 

According to Coinbase, Bitcoin ETFs will prevail

The first listed crypto-exchange, remains positive that Bitcoin ETFs will prevail, despite being aware that at least a dozen applications ready to list them have been rejected by the SEC. 

This positive attitude is due to the fact that institutional demand for bitcoin is growing and expanding. 

And indeed, institutional giants like Fidelity and VanEck are waiting at the edge to approve bitcoin ETFs. 

Not only that, recently, new applications have been filed with the SEC on the same subject. This is the case of Global X Digital Assets which is on the approval list for its Global X Bitcoin Trust ETF to be listed on the Cboe exchange. 

Grayscale Investments has also joined the crypto ETF mission in the US, in partnership with BNY Mellon. 

The idea would be to offer services related to their Bitcoin Trust ETF, perhaps being able to apply to the SEC which has already approved the GBTC and turn it into a bitcoin ETF. 

In the midst of all the relevant initiatives, Coinbase has only expressed its favourable opinion and confidence towards early approval. The platform also recently suffered a class action lawsuit related to its Nasdaq listing debut. Among the defendants is CEO Brian Armstrong, along with executives and investors.