Cathie Wood’s Insights on the SEC
In a recent interview with Yahoo Finance, Cathie Wood, Ark Invest’s CEO, provided valuable insights into the current status and future prospects of a spot Bitcoin ETF. She discussed the SEC’s engagement with Ark Invest and the implications of their questions.
Ark Invest’s SEC Engagement
Wood highlighted a significant shift in the SEC’s response to their ETF filings. She noted that the SEC has become more actively engaged and has been asking detailed questions, indicating a more rigorous review process.
She expressed excitement about the SEC’s questions, seeing them as a positive sign of genuine engagement. Wood also praised the SEC’s research team for their depth of understanding and sophistication.
Wood mentioned that Ark Invest had responded to the SEC’s questions and had not received further communication, interpreting this as a potentially positive indicator.
Spot Bitcoin ETF Odds Are Up, But …
Wood cautiously expressed optimism about the increased odds of approval. However, she highlighted a potential complication in the approval process involving multiple ETFs to avoid selecting a “winner.” This approach introduces complexity, especially with Grayscale’s intent to convert its Bitcoin trust into an ETF.
Wood also discussed potential legal challenges and uncertainties related to Grayscale’s conversion and its impact on the timeline for other ETF approvals.
SEC Chair Gary Gensler’s Influence
In another interview with CNBC Squawk Box, Wood speculated about SEC Chair Gary Gensler’s potential influence on the ETF approval process. She mentioned his focus on the dollar and how it could be contributing to delays in approving a spot ETF.
Only 2 Of 12 Without An Updated Filing
Bloomberg ETF analyst James Seyffart highlighted nearing deadlines for three spot Bitcoin ETF applications and expressed confidence in a 90% chance for approval. He also reported updates from GlobalX and noted that Wisdom Tree and Franklin were the only two out of twelve applicants without updated filings.
At press time, BTC traded at $35,641.
Hot Take: The Future of Spot Bitcoin ETFs
Cathie Wood provides valuable insights into the status and future prospects of spot Bitcoin ETFs. The increased engagement from the SEC indicates progress, but potential complexities involving multiple approvals and legal challenges pose uncertainties for the timeline. As BTC continues to trade at $35,641, it remains essential to monitor regulatory developments for insights into potential approval scenarios.
By
By
By
