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Coinbase’s Paul Grewal sees Bitcoin ETFs winning SEC nod ‘in short order’

Coinbase’s Paul Grewal sees Bitcoin ETFs winning SEC nod ‘in short order’
Snapshot
Paul Grewal, chief legal officer of Coinbase, sees spot Bitcoin ETFs as the right thing. Credit: Shutterstock for Consensus

Paul Grewal of Coinbase joined with the optimists in foreseeing that spot Bitcoin ETF applications will be approved by the SEC “in short order,” though offering no specific time frame.

A crypto group filed a brief against the IRS, Hong Kong is scrutinising its OTC crypto exchange shops, and a Morgan Stanley report speculates that crypto winter may be finally coming to an end. Read on!

Grewal optimistic on spot Bitcoin ETFs

Coinbase’s Chief Legal Officer Paul Grewal told CNBC he is “quite hopeful” that spot Bitcoin ETF applications will be approved by the US Securities and Exchange Commission both because they should be allowed and because they are backed by “blue-chip” financial companies.

“I’m quite hopeful that these applications will be granted, if only because they should be granted under the law,” Grewal said, adding:

“The firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services. … So that, I think, suggests that we will see progress there in short order.”

Crypto group files brief against IRS

The DeFi Education Fund (DEF) asked a US court to consider the nature of blockchain technology in determining privacy rights of crypto users under the Fourth Amendment, which protects people from unreasonable government searches and seizures, Cointelegraph reported.

DEF filed an amicus brief — as an outside observer or friend of the court — to the US Court of Appeals for the First Circuit, supporting James Harper’s appeal against the Internal Revenue Service.

Harper is one of several thousand Coinbase users whose data was given to the IRS in 2018, sparking an ongoing court battle to prevent government access to crypto transaction details.

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Hong Kong eyes crypto exchange shops

Hong Kong’s Customs and Excise Department is looking at measures to address money-laundering risks at unlicenced OTC crypto exchange shops and also to protect investors, CryptoSlate reported, citing local media.

Louise Ho Pui-shan, commissioner of Customs and Excise, said in a TV interview:

“There are two aspects to [regulating] these OTC exchange shops. One aspect involves combating money laundering and terrorist financing and the other is investor protection.”

Her remarks came after some of the OTC shop owners were arrested in connection with the ongoing JPEX crypto exchange scandal.

Crypto Aid Israel raises $185,000

Crypto Aid Israel, a group of leaders in the local crypto space, said in a blog post that it had raised more than $185,000 with help from more than 30 companies to aid displaced citizens amid the Israel-Gaza war.

The group said it was opening a multisig wallet to accept donations, with Bitcoin, Ether, Tether and USDC among the cryptocurrencies being accepted, DL News reported earlier.

Crypto winter may be over: report

There are signs that the long crypto winter may be over and spring “is likely on the horizon,” Crypto.News reported, citing Morgan Stanley analysts.

A report published by the Morgan Stanley Wealth Management team noted that “historically, most of Bitcoin’s gains come directly after a ‘halving’ event that occurs every four years.”

The next halving will occur in April 2024. Still, the report noted, there is always a possibility that anything can go wrong,

What we’re reading around the web

Crypto Influencers and ‘Degenerates’ Flock to Sam Bankman-Fried’s TrialNew York Times

How Larry Fink learned to love Bitcoin — a timeline of BlackRock’s crypto evolutionDL News

The US government owns $5.5 billion worth of bitcoin. Whether it holds or sells its stash could have a big impact on the token’s price.Markets Insider