Paul Grewal, Coinbase’s General Counsel, has expressed in an interview with Bloomberg his opinion that the US investment community is in dire need of a spot version of an exchange-traded fund based on the digital currency.
He has attributed the sentiment to public demand for safer, regulated products to feature prominently in cryptocurrency portfolios, which has led to recent bids from BlackRock, Valkyrie, WisdomTree and Invesco, and a potential entry from Fidelity Investments.
The news caused the cryptocurrency to easily exceed the $30,000 mark, despite the SEC’s stubborn resilience in approving applications necessary to launch a bitcoin ETF.
Grewal acknowledges that Coinbase has had no historic issues with the organization, citing the successful six month investigation to assess the company prior to its stock market entrance.
Despite this, the expert bemoaned the SEC’s tendency to stand in the way of what “the American people need,” contributing to the stagnation of growth in US competency in the crypto landscape.