In an interview with CNBC, Paul Grewal stated that he believes the Securities and Exchange Commission (SEC) will approve spot Bitcoin ETF applications in a short amount of time.
Paul Grewal is very optimistic about the approval of Bitcoin ETF applications. He mentioned that he cannot provide a specific date but thinks the approval is likely to happen soon. One factor strengthening this possibility is the regulator’s decision not to allow the conversion of Grayscale’s GBTC Bitcoin fund into an ETF.
Grewal believes there are two main reasons that increase the likelihood of the SEC approving Bitcoin ETF applications. Firstly, he highlights the legal obligations that necessitate the acceptance of such applications. Secondly, he points out the support these applications receive from major financial corporations.
“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law.”Paul Grewal.
A potential Bitcoin ETF approval by the SEC could be a significant step for the cryptocurrency industry. After Cointelegraph’s misleading approval news last week, Bitcoin’s quick surge by approximately $2,000 demonstrates how sensitive the market is to such news. Many experts believe that Bitcoin is primed for a potential rise, and an ETF approval could be the catalyst for this surge.