Bitcoin spot ETF approved is a 'watershed moment' for Coinbase.

Bitcoin spot ETF approved is a ‘watershed moment’ for Coinbase.

Historic turning point for Bitcoin. Here we are. The cryptocurrency market has been in the sights of the Securities and Exchange Commission (SEC) for several months. In the question,spot Bitcoin ETF approved (“Spot” in English), which would allow large and small investors to easily invest in Bitcoin through a US exchange.

Yesterday, therefore, are not 1, but 11 Spot Bitcoin ETFs which have been approved by the regulator. In this context, and while FTX and Binance are now out of the game, Coinbase is the manager of 8 Bitcoin ETFs. Therefore, the stock exchange did not hide its joy last night, citing a “decisive moment for the expansion of the crypto-economy”.

SEC says yes, Coinbase is at the party

He became one of leading figures in the anti-crypto war which is raging in the US, an ardent defender of Bitcoin and cryptocurrencies in the land of Uncle Sam, Coinbase has long been at odds with the SEC. However, this did not prevent, on the contrary, Brian Armstrong’s crypto platform from I welcome yesterday’s SEC decision.

In a blog post titled “Major Approval: Spot ETFs Pave the Way for Bitcoin’s Next Chapter and Long-Term Diversified Growth,” the exchange even stated:

“The SEC’s approval of 11 spot bitcoin ETFs, eight of which are in partnership with Coinbase, is a watershed moment for the expansion of the crypto economy (…) Spot bitcoin ETFs introduced by the world’s largest asset managers will unlock diverse stocks for new investors. drive long-term growth and product innovation. »

Shades of gray, rock in the SEC shoe

As Statement by Gary Gensler regarding this approvalApparently, Grayscale’s fight against the SEC in the US courts made this decision possible, as Paul Grewal, Coinbase’s legal director, explains:

“We should all be grateful to Grayscale for standing up to the arbitrary and capricious behavior of the SEC and paving the way for these ETFs to be acquired(…)”

Paul Grewal, Coinbase General Counsel – Source: X

As a reminder, after a bitter legal battle between Grayscale and the SEC, which wanted the conversion of its GBTC trust into a spot Bitcoin ETF, the US Court of Appeals declared in August 2023 that the decision to reject the SEC’s request was “arbitrary and capricious”.

Now, what’s next? We won’t pretend to read the future to you, much less write it, especially when the crypto markets seem to defy various predictions at the moment. In fact, BTC price seems to be solid and not showing extreme volatility in the face of news.

Gary Gensler seems to be trying to absorb the message. He bent the knee to approve the Bitcoin ETF, but he didn’t budge: Bitcoin is not approved by the SEC.

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