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Discussions about potential spot-#BitcoinETF approvals by the SEC include an elephant in the room: Coinbase, whom the SEC is suing.

Coinbase is middleman between the #Crypto market and the traditional equities market where the #ETF would trade.

The only twist? #SEC sued 🚨Coinbase in June, alleging that the company acted as an exchange, broker-dealer and clearinghouse without registering with the agency for any of those roles.