The crypto community is keenly awaiting the U.S. Securities and Exchange Commission’s (SEC) decision on spot Bitcoin ETFs, and <a href="https://en.bitcoinhaber.net/robinhood-launches-cryptocurrency-trading-app-in-europe”>Coinbase, a major U.S.-based cryptocurrency exchange, has announced their comprehensive preparations for the anticipated approval. A Coinbase spokesperson stated that they have made extensive preparations for an ETF approval, ensuring their systems are designed and tested to handle additional trading volume, increased liquidity, and a general rise in demand.
Recently, Aaron Schnarch, the president of Coinbase Custody, left the company. Rick Schonberg, who has been with Coinbase since 2021 and has a background at Goldman Sachs, replaced him. Coinbase Custody, regulated by the New York Department of Financial Services and audited by Deloitte & Touche, is poised to be a crucial component for potential spot Bitcoin ETF issuers like BlackRock.
The SEC has historically been hesitant to approve a Bitcoin ETF in the U.S., citing various concerns and consistently rejecting applications. However, U.S. courts have been exerting undeniable pressure on the regulatory body to approve a spot Bitcoin ETF, increasing excitement across the crypto market. The first spot Bitcoin ETF approvals are now expected by January 2024.
Coinbase’s announcement of their readiness for a spot Bitcoin ETF signals a near-certain approval from the SEC. According to Bloomberg, Coinbase is the most popular choice for asset custody among Bitcoin ETF applicants following any approval. In October of the same year, Paul Grewal, Chief Legal Officer of Coinbase, expressed confidence that the SEC would approve a spot Bitcoin ETF.