Coinbase’s legal chief, Paul Grewal, believes that the recent setback faced by the U.S. Securities and Exchange Commission (SEC) will accelerate the approval of Bitcoin exchange-traded funds (ETFs). Grewal mentioned that the SEC has a favorable environment for granting Bitcoin ETFs, and prominent financial services companies have expressed interest in offering Bitcoin-related products and services. The recent legal precedent set by the U.S. Court of Appeals indicates that the SEC cannot reject ETF applications arbitrarily. Grewal remains optimistic about the future of Bitcoin ETFs and hopes that accountability through criminal trials and regulatory actions will improve the industry’s reputation. As the largest crypto exchange in the U.S., Coinbase stands to benefit from the potential approval of a Bitcoin ETF. However, SEC Chairman Gary Gensler has not commented on the recent Grayscale case or the rejection of spot Bitcoin ETFs.

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