Aaron Schnarch, CEO of Coinbase Custody, has stepped down from his position.
Rick Schonberg, a senior fintech executive at Coinbase will fill Schnarch’s position.
Coinbase has reportedly replaced the head of its custodial company while the U.S SEC decides whether to approve a spot Bitcoin ETF. Bloomberg reports that Aaron Schnarch, CEO of Coinbase Custody, has stepped down from his position.
Rick Schonberg, who has been a senior fintech executive at Coinbase since 2021 in the roles of head of custody, foundations and trading, has replaced Schnarch as CEO. His professional history includes stints at State Street, JPMorgan Chase, and Goldman Sachs.
A Coinbase representative told Bloomberg:
“We have extensively prepared for ETF approval. The company’s systems have been designed and tested to handle added trading volume, increased liquidity and general increases in demand on our systems.”
Getting Ready for Anticipated Spot Bitcoin ETF Approval
Moreover, being a trust firm, Coinbase Custody keeps assets safe and makes sure they’re delivered the way the owner wants them to or as the law says. Also, the New York State Department of Financial Services oversees the corporation, and Deloitte & Touche conducts its audits.
In the case that spot Bitcoin ETFs are authorized by the U.S SEC, Coinbase Custody will protect digital tokens on behalf of several asset managers.
Furthermore, not long ago, Digital Currency Group founder Barry Silbert stepped down from his position on Grayscale’s board of directors. Many in the cryptocurrency industry believe that Grayscale’s prospects of turning its Grayscale Bitcoin Trust into a spot Bitcoin ETF will improve with Silbert’s departure.
Despite the SEC’s track record of denials, this time around things might be different due to the magnitude of the applicants and a recent court decision. Eric Balchunas, an ETF analyst for Bloomberg, predicts a favorable judgment on January 9 and the start of trading around January 11.