Coinbase is 'confident' a U.S. bitcoin ETF will be approved after SEC's court defeat

Coinbase is confident that a U.S. bitcoin exchange-traded fund will be approved by the U.S. Securities and Exchange Commission, the company's chief legal officer, Paul Grewal, told CNBC.

"I'm quite hopeful that these applications will be granted, if only because they should be granted under the law," Grewal said in an interview with CNBC's Arjun Kharpal. "I think that the the firms that have stepped forward with robust proposals to our for these products and services are among some of the biggest blue-chips in financial services," Grewal added.He didn't say when that's likely to happen, and added the caveat that any decision would ultimately be up to the SEC.

A bitcoin ETF would give investors a way to own bitcoin without having to make a direct purchase from an exchange. Still, Grewal sounded a positive note on the prospect of other bitcoin ETFs being approved — sooner rather than later. Still, trading volumes have declined, as retail investors have become uninterested in engaging in the market in light of a lack of volatility and in response to severe wounds suffered by once-large industry players like FTX, BlockFi, and Three Arrows Capital.

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