Influential investor Cathie Wood, CEO of Ark Invest, recently shared her thoughts on the US Securities and Exchange Commission’s (SEC) stance on spot Bitcoin exchange-traded funds (ETFs). In an interview with Coin Stories podcaster Natalie Brunell, Wood commended the researchers at the SEC, describing them as “really good” and acknowledging that they “really understand” the cryptocurrency.
Chair Gary Gensler’s Influence
Wood pointed out that it is the SEC Chair, Gary Gensler, who is currently hindering the approval of Bitcoin ETFs. She questioned Gensler’s decision to allow Bitcoin Futures ETFs, highlighting the “counterparty risks” associated with these instruments and arguing that a Bitcoin ETF, which doesn’t have such risks, should also be approved. Wood suggested that Gensler’s “personal Vietnam” may be affecting his decision-making in this regard.
“I do think the SEC is moving now,” Wood expressed, suggesting that progress is being made. She further stated her optimism that the regulator would not only approve one Bitcoin ETF, but rather “a group of them.”
Wood emphasized the importance of educating people about Bitcoin, stating that it is one of Ark Invest’s core values. She expressed her hope that the company’s commitment to research and education would increase their chances of being one of the approved entities for Bitcoin ETFs.
The SEC’s Inquiries
In another interview with CNBC, Wood discussed how the SEC’s recent inquiries indicate a “change in behavior” that has sparked hope within the industry for a potential Bitcoin ETF approval. Lawmakers have been urging Gensler to allow spot Bitcoin ETFs “immediately” to enhance investor protection and ensure greater transparency and safety in accessing Bitcoin.
ARK 21Shares Bitcoin ETF has re-filed its application after previous rejections by the SEC, and it remains to be seen whether the regulator will grant approval this time.
