Coinbase chief legal officer Paul Grewal is confident that a U.S. bitcoin exchange-traded fund will be approved by the U.S. Securities and Exchange Commission. “I’m pretty optimistic that these ETF applications will be approved, as it’s just a matter of time.

In a conversation with CNB, Coinbase chief legal officer Paul Grewal expressed confidence in the imminent approval of a U.S.-spot Bitcoin ETF following the U.S. SEC legal setback. 

Paul Grewal emphasized his hope for the approval of Bitcoin ETF applications, saying, “I’m quite hopeful that they will be approved because it makes sense under the law.”

This confidence stems from the SEC’s recent setback in its attempt to prevent Grayscale from turning its GBTC Bitcoin fund into an ETF. The SEC’s decision not to contest this ruling has generated expectations of impending approval for a bitcoin-related ETF.

Meanwhile, he didn’t specify a timeframe. Grewal believes the SEC will likely grant approval for a Bitcoin ETF soon.

Soaring Investor Demand Amidst Rising Bitcoin Prices

Over the past few months, Bitcoin has attracted more and more investors. Several factors contribute to this surge in interest, including the expectation that the Federal Reserve will stop raising interest rates and excitement about the upcoming Bitcoin “halving” event. This event will reduce rewards for Bitcoin miners by 50%, ultimately limiting the supply of the cryptocurrency.

One significant boost to this positive sentiment came from recent developments in the ongoing XRP lawsuit. The U.S. SEC decided to drop charges against Ripple executives, adding to the favourable outlook for cryptocurrencies.

As a result, Bitcoin’s value has increased by a substantial 72% year-to-date, marking a remarkable recovery for the world’s largest digital currency following significant declines in 2022.

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