Coinbase urges SEC to grant approval to Grayscale’s Ethereum ETF for spot trading.
The team at Coinbase has made an appeal to the U.S. Securities and Exchange Commission (SEC) to give the green light to Grayscale’s proposal for a spot Ethereum (ETH) ETF.
Paul Grewal, the chief legal officer of the company, believes that it is essential for the SEC to approve Grayscale’s application by converting the ETH trust into an instrument.
Coinbase engaged in a discussion with the SEC to advocate for the approval of the tool as part of the regulator’s comment process on the application. Grewal emphasized that the crypto exchange has presented the Commission with a comprehensive rationale, encompassing legal, technical, and economic justifications, to support the launch of Grayscale’s Ethereum spot ETF.
Grewal also emphasized that Coinbase is fully committed to fostering innovation and establishing a transparent, secure, and inclusive financial ecosystem. To achieve this goal, the company consistently engages in dialogue and conducts research on regulatory solutions within the cryptocurrency sphere.
On January 25, the SEC decided to postpone its evaluation of Grayscale’s Ethereum ETF application until March 10. Chairman Gary Gensler noted that the approval of a spot Bitcoin (BTC) ETF was limited to a single cryptocurrency. This delay also affected BlackRock’s similar attempt to launch a spot crypto ETF.
Craig Salm, the head of legal at Grayscale, anticipates that the SEC will likely grant approval for an ETF based on the spot price of Ethereum in the summer of 2024.
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