Opinion: Americans Are Interested in a Spot Bitcoin ETF

The U.S. investment community needs a spot version of a Bitcoin ETF. Paul Grewal, Coinbase’s chief legal officer, said this in an interview with Bloomberg.

‘We believe the market is reacting to the public’s desire to add safe, regulated products to their portfolios.’ the official said.

That was his response to the question about the chances that the SEC would approve a Bitcoin-ETF.

Following the filing by BlackRock, Valkyrie joined the ETF race, as well as WisdomTree and Invesco. Fidelity Investments is expected to do so soon. Against this backdrop, the price of the first cryptocurrency surpassed the $30,000 mark.

In Grewal’s view, the SEC is blocking the approval of a financial instrument that ‘the American people need’.

The expert lamented Coinbase’s lack of regulatory issues with the regulator in the past. He recalled the successful completion of a six-month ‘comprehensive analysis of the platform’s activities’ ahead of going public.

Earlier, the platform’s chief counsel named the regulator’s approach to crypto regulation as ‘undermining the competitiveness of the United States’.

On June 15, Grewal responded to the Commission’s proposal to expand the definition of an exchange to include DEX. The official said the agency’s powers do not include the authority to prohibit [decentralized platforms] in the absence of a clear congressional mandate.

Subsequently, Coinbase accused the SEC of ignoring a court order to respond to the petition, in which the company called for clarity in crypto regulation.