This article is helpful in appreciating recent formulations of dispensational theology that have abandoned the dilemmas held by traditional dispensationalism concerning a both/and view of the fulfillment of the biblical covenants. This article wants to show that within the letters of the apostle Paul the discussion of the presence and activity of the Holy Spirit in and among believers demonstrates that the new covenant is currently operative. The article focuses mainly on Paul’s exposition of his new-covenant ministry in 2 Corinthians 3.