Coinbase Calls Spot Bitcoin ETF Approval ‘Watershed’
Cryptocurrency exchange Coinbase, which has been involved in a long-running dispute with the Securities and Exchange Commission (SEC), cheered the regulator’s decision Wednesday to approve a number of spot Bitcoin ETFs.
“The SEC’s approval of 11 spot Bitcoin ETFs is a watershed moment in the expansion of the cryptocurrency economy,” the company said in a blog post. “The introduction of a spot Bitcoin ETF by the world’s largest asset manager will open a diverse pool of new investors, driving long-term growth and product innovation.”
Find Bitcoin ETFs using Coinbase as a custodian. Image: Block.
‘Thank you for Grayscale’
After months of speculation, with the deadline approaching, the SEC approved 11 spot Bitcoin ETFs on Wednesday. Trading is expected to begin tomorrow on a newly approved financial product that allows investors to bet on the price of Bitcoin without owning it directly.
Traditional financial institutions such as BlackRock and Grayscale are among the companies providing publicly traded funds.
Coinbase and the SEC have had their fair share of public fights, but in this case the cryptocurrency exchange appears to have been satisfied with the regulator’s decision.
“We should all be thankful for grayscale It paved the way for us to take this position by standing up to the arbitrary and capricious actions of the SEC. 
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.
