In honesty though, that’s probably not where the issue of the SEC’s approval will lie.
Instead, the SEC will likely approve or deny the recent ETF applications based on its understanding of Coinbase being “regulated.” I’m sure the SEC will be over the moon to find that a firm it’s bickering with in court is the proposed market surveillance provider for the likes of Wall Street giants like BlackRock and Fidelity. The court squabble has nothing to do with the bitcoin market, but still, it’s a consideration.
The thing is: Coinbase’s fit for this role is all a bit unclear.
Source: Want a Spot Market Bitcoin ETF? Then Deal With the Consequences
