GRAYSCALE BITCOIN ETF RULING `remarks ’, crypto focused attorney Zack Shapiro say
Major financial institutions such as BlackRock, Invesco, Fidelity and Grayscale have been pushing for bitcoin ETFs and submitted applications to sell such assets, portraying them as safer investment options compared to direct crypto investments known for their speculative nature and price volatility.
Coinbase told CNBC it is confident that a U.S. bitcoin exchange-traded fund will be approved by the U.S. SEC.
Investors watching closely
The crypto industry is closely watching such developments that could point to a comeback.
Over the past year, the sector has been embroiled in scandals and high drama such as FTX's bankruptcy and Terraform and its CEO Do Kwon being charged in February for defrauding investors.
Bitcoin price reached an all-time high in November 2021, with values exceeding over $65,000 at that time. However, a year later, the value plummeted to around $16,000 in November last year. That was when Sam Bankman-Fried's crypto exchange FTX collapsed and filed for bankruptcy.
The SEC has been cracking down on crypto firms, with companies such as Coinbase and Ripple embroiled in lawsuits with the SEC, which has accused them of violations in securities laws.
Both Coinbase and Ripple, as well as other crypto firms, have slammed the U.S. for a lack of clarity around crypto regulations and threatened to leave the country in response to the SEC's crackdown.