Influential Investor Cathie Wood Believes SEC Chair Gary Gensler is Blocking Bitcoin ETFs
Cathie Wood, CEO of Ark Invest, recently expressed her belief that the US Securities and Exchange Commission (SEC) researchers are knowledgeable about Bitcoin and supportive of it. However, she claimed that it is SEC Chair Gary Gensler who is preventing the approval of spot Bitcoin exchange-traded funds (ETFs). Wood made these comments during an interview with Coin Stories podcaster Natalie Brunell. She questioned why Gensler allowed Bitcoin Futures ETFs, which involve counterparty risks, while blocking Bitcoin ETFs that do not have such risks. Wood also mentioned that the SEC’s personal issue with Bitcoin seems to be influencing its decision-making.
Wood Optimistic About Multiple Bitcoin ETF Approvals
During another interview with CNBC, Cathie Wood stated that the SEC’s recent inquiries into Bitcoin ETFs indicate a potential change in behavior and raise hopes for approval. She mentioned that many industry players believe one or more Bitcoin ETFs will eventually be approved. In September, a group of lawmakers urged Gary Gensler to allow spot Bitcoin ETFs immediately, emphasizing the benefits of investor protection and increased transparency. ARK 21Shares Bitcoin ETF re-filed its application earlier this year after two previous rejections by the SEC.
Hot Take: Cathie Wood Believes Gary Gensler is Hindering Bitcoin ETF Approval
Cathie Wood, CEO of Ark Invest, has criticized SEC Chair Gary Gensler for standing in the way of spot Bitcoin exchange-traded funds (ETFs). While acknowledging the knowledge and expertise of SEC researchers, Wood believes that Gensler’s personal bias against Bitcoin is influencing the agency’s decision-making process. She questions why Bitcoin Futures ETFs are allowed despite their counterparty risks, while Bitcoin ETFs are not approved. Wood remains optimistic about the possibility of multiple Bitcoin ETF approvals and hopes that extensive research will be conducted to educate people about the benefits of such investment products. The SEC’s recent inquiries into Bitcoin ETFs have raised hopes within the industry for eventual approval.
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