Coinbase ‘Extensively Prepared’ for Spot Bitcoin ETF Approval

Crypto speech Coinbase says that it has “extensively prepared” for spot bitcoin exchange-traded money (ETF) approvals by the U.S. Securities and Exchange Commission (SEC). Most spot bitcoin ETF applicants person named the Nasdaq-listed crypto level arsenic the custodian for their bitcoin.

Coinbase Gets Ready for Spot Bitcoin ETF Launches

As the deadline approaches for the U.S. Securities and Exchange Commission (SEC) to determine whether to o.k. a spot bitcoin exchange-traded money (ETF), Coinbase (Nasdaq: COIN) says it has extensively prepared its systems to custody BTC for spot bitcoin ETF issuers.

Most spot bitcoin ETF applicants person named the Nasdaq-listed crypto level arsenic the custodian of their bitcoin, including Blackrock, the world’s largest plus manager, Ark Invest, Bitwise, Wisdomtree, and Invesco. A Coinbase spokesperson told Bloomberg Friday:

We person extensively prepared for ETF support … Our systems person been designed and tested to grip added trading volume, accrued liquidity and wide increases successful request connected our systems.

The spokesperson besides confirmed that Coinbase Global Inc.’s caput of custody, Aaron Schnarch, precocious departed the steadfast and has been replaced by Rick Schonberg.

The SEC is presently considering 13 projected spot bitcoin ETFs. The archetypal deadline is Jan. 10 for the associated exertion submitted by Cathie Wood’s ARK Invest and 21shares. Many expect the regulator to o.k. aggregate applications by that date. The SEC gave spot bitcoin ETF issuers until past Friday to submit amended filings to beryllium considered for the archetypal circular of decisions successful aboriginal January.

Coinbase has been pushing for the SEC to springiness wide crypto regulation. However, the steadfast faced a setback erstwhile the securities regulator rejected its petition earlier this month. In response, the crypto speech has taken the substance to court, filing with the Third Circuit “to situation the SEC’s arbitrary and capricious denial” of its petition for crypto rulemaking.

Do you deliberation the SEC volition o.k. aggregate spot bitcoin ETFs by Jan. 10? Let america cognize successful the comments conception below.