SEC Chair Wants to Become Treasury Secretary
According to Ark Invest’s Cathie Wood, Gary Gensler, the SEC chair, is delaying the spot Bitcoin ETF approval because he aspires to become the Treasury Secretary. Wood believes that Gensler’s concerns about potential manipulation are unfounded, given his deep understanding of Bitcoin and blockchain technology. She emphasized the decentralized and transparent nature of the Bitcoin network, making manipulation highly improbable. Wood also noted that Gensler taught a course on crypto and blockchain at MIT before becoming SEC chair.
Wood maintains a bullish stance on crypto and foresees the eventual approval of a spot ETF. She believes this approval could propel the cryptocurrency market cap from its current $1 trillion to a substantial $25 trillion opportunity by 2030.
Bitcoin ETF Approval Soon
The US SEC is expected to announce its decision on 12 spot Bitcoin ETF applications by November 17. There’s a high chance that the SEC could further delay the ETF approval. Bloomberg’s senior ETF strategist James Seyffart said there’s a likelihood of SEC delay orders for three spot Bitcoin ETF applications as the deadline approaches.
BlackRock has mentioned some stablecoin risks that would arise for the spot Bitcoin ETF approval, emphasizing their potential to cause fluctuations in Bitcoin’s price.
Hot Take
The delay in approving spot Bitcoin ETFs by the SEC due to concerns about potential manipulation has sparked speculation about Gary Gensler’s aspirations and expertise. Despite these delays, there remains optimism about the eventual approval of a spot ETF and its potential impact on the cryptocurrency market cap.
By
By
By
By
By