{"id":29831,"date":"2023-06-30T18:02:17","date_gmt":"2023-06-30T22:02:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/americans-want-regulated-spot-bitcoin-etfs-says-coinbases-chief-legal-officer\/"},"modified":"2023-06-30T18:02:18","modified_gmt":"2023-06-30T22:02:18","slug":"americans-want-regulated-spot-bitcoin-etfs-says-coinbases-chief-legal-officer","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29831","title":{"rendered":"Americans Want Regulated Spot Bitcoin ETFs, Says Coinbase’s Chief Legal Officer"},"content":{"rendered":"
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The American people want access to more safe and regulated crypto-based investment products, and the market is now responding to this, Coinbase\u2019s chief legal officer Paul Grewal has stated.<\/p>\n

\u201cWe have great confidence that the market is responding to what Americans have said about what they want in their financial future [\u2026] It\u2019s something like 20% of Americans who have already bought or sold digital assets in one form or fashion, and over 60% believes that our current system needs a serious upgrade,\u201d Grewal said in an interview on Bloomberg TV on Thursday.<\/p>\n

He added that Coinbase believes crypto to be \u201can important part\u201d of what Americans want for their financial future, and said the market now is attempting to deliver \u201csafe, regulated products\u201d to the American people, referring to a spot Bitcoin exchange-traded fund (ETF).<\/p>\n

He went on by suggesting that the US Securities and Exchange Commission (SEC) is not acting in the best interest of the American people.<\/p>\n

\u201cWhen the U.S. government, the SEC in particular, stands in the way of that access, they are really standing in the way of what the American people have said, clearly, they want,\u201d Grewal said.<\/p>\n

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So far, the only Bitcoin ETFs that are traded in the US are backed by Bitcoin futures rather than \u201cphysical\u201d spot Bitcoin.<\/p>\n

However, there has been renewed optimism about the possibility that the SEC could allow a spot Bitcoin ETF to be listed after BlackRock, known as the world\u2019s largest asset manager, earlier in June filed an application to list such a product.<\/p>\n

Coinbase files motion to dismiss SEC lawsuit<\/h2>\n

The comments from Grewal about the potential for a spot ETF to be approved came after Coinbase filed a motion to dismiss the lawsuit against it from the SEC.<\/p>\n

\u201cYou can read our response for yourself \u2013 our arguments speak for themselves,\u201d Grewal said in a comment posted on Twitter.<\/p>\n

He added that while they \u201cwelcome dialogue any time with any regulator,\u201d the SEC\u2019s lawsuit goes \u201cfar beyond existing law\u201d and should therefore be dismissed.<\/p>\n

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