The musical chairs preceding the decision on whether Bitcoin (BTC) spot trading will be allowed on Wall Street are ongoing, as Coinbase reportedly replaced its custody leadership. According to Bloomberg, Aaron Schnarch recently resigned as the chief executive officer of Coinbase Custody.

Schnarch has been leading the company since June 2022 and will now be succeeded by Rick Schonberg, a senior fintech executive working at Coinbase since 2021 as head of custody, foundations and trading, as per his LinkedIn profile. Goldman Sachs, State Street and JPMorgan are among his previous employees.

“We have extensively prepared for ETF approval,” a Coinbase spokesperson told Bloomberg, adding that the company’s systems “have been designed and tested to handle added trading volume, increased liquidity and general increases in demand on our systems.”

Coinbase Custody is a trust company, meaning it serves as a legal guardian of assets, ensuring they are managed and distributed according to the wishes of the owner or legal requirements. The company is under the oversight of the New York Department of Financial Services, and it’s audited by Deloitte & Touche.

Related: SEC’s Bitcoin ETF update deadline today: Cash-create vs. in-kind

Coinbase Custody will safeguard digital tokens on behalf of many asset managers in the event of approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

The news comes just a few days after Barry Silbert, founder of Digital Currency Group (DCG), resigned from Grayscale’s board of directors. Silbert’s departure could increase Grayscale's chances of successfully converting its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, according to some crypto market commentators.

The SEC has previously denied several applications, but the proponents’ weight and a recent court ruling may lead to a different result this time. Companies in line for regulatory approval include financial giants such as BlackRock, Franklin Templeton and Grayscale Investments — all of which plan to use Coinbase Custody to store Bitcoin.

Bloomberg ETF analyst Eric Balchunas expects a positive decision on Jan. 9 and trading to begin around Jan. 11. The prospect is driving Bitcoin prices skyward, with the cryptocurrency gaining nearly 160% in 2023.