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## Coinbase Chief legal Officer Criticizes Senators’ Letter

Coinbase chief legal officer Paul Grewal recently spoke out against a letter by two United States senators that urged the SEC to tighten regulations on Bitcoin ETFs and reject any further crypto ETF applications. In a post on March 15, Grewal criticized the senators’ claims that approving more crypto ETFs would expose investors to “enormous risks.” Grewal argued that the evidence actually points in the opposite direction, highlighting the quality metrics of cryptocurrencies like Ether (ETH) which exceed even the largest traded equities.

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Grewal emphasized the depth and liquidity of ETH’s spot market, noting that only two S&P 500 stocks have higher notional trading volumes. He also pointed out the similarities between Ether’s futures and spot markets and Bitcoin’s, highlighting the correlation that enables effective market surveillance.

### Coinbase’s Push for Spot Ether ETF Approval

In a meeting with SEC officials on March 9, Coinbase and Grayscale advocated for a rule change to launch spot Ether ETFs, arguing that if Bitcoin ETFs were approved, Ether ETFs should also be given the green light. Analysts speculate that Grayscale may be leveraging its futures ETF application to push for approval of its spot Ether ETF.

Industry experts predict that the SEC may reject pending ETH ETFs due to concerns about price correlation between spot and futures markets. Nate Geraci, president of the ETF Store, suggested that Coinbase is fully committed to supporting spot Ether ETFs, potentially leading to escalating tensions with regulators ahead of the May 23 decision deadline.

### Political Factors at Play

Geraci highlighted the political motivations behind the SEC’s reluctance to approve Ether ETFs, suggesting that the decision is driven by factors beyond investor protection. He observed that the SEC’s pushback against Ether ETFs contrasts with their approval of Ether futures ETFs, hinting at underlying political dynamics influencing regulatory decisions.

### Outlook for Ether ETF Approvals

Despite the SEC’s scrutiny of Ether ETF applications, there remains optimism within the crypto community regarding the potential approval of spot Ether ETFs. With eight proposed applications currently awaiting SEC approval, there is anticipation that other altcoins may follow suit in exploring ETF options.

Through the use of the AI legalese decoder, individuals and organizations can stay informed and navigate the evolving regulatory landscape surrounding crypto ETFs with greater clarity and efficiency. By leveraging the decoding capabilities of the AI tool, stakeholders can make well-informed decisions and ensure compliance with regulatory requirements.

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