Ark Invest CEO Cathie Wood Disappointed with SEC Chair’s Statement
Ark Invest CEO Cathie Wood expressed her disappointment with a statement made by SEC Chair Gary Gensler following the agency’s approval of Bitcoin exchange-traded funds (ETFs). In an interview with Bloomberg Radio, Wood said that Gensler’s comments denigrated the entire crypto space. She believes that his stance reflects the resistance faced by disruptive innovations.
Gensler Stands Firm on SEC’s Stance
In his statement, Gensler reiterated that the SEC does not endorse digital assets, despite approving spot Bitcoin ETFs. He advised investors to remain cautious about the risks associated with Bitcoin and crypto-related products. Wood criticized Gensler’s position, describing it as old DNA bashing the new DNA.
SEC Approves 11 Spot Bitcoin ETFs
The SEC has approved rule changes allowing the creation of Bitcoin ETFs in the United States. This decision is expected to have significant implications, including the transformation of Grayscale Bitcoin Trust into an ETF. Major issuers like BlackRock’s iShares and Fidelity are also preparing to launch their own competing funds. The approval of these ETFs has the potential to significantly increase the acceptance of cryptocurrency in mainstream finance.
Hot Take: Wood Optimistic About Bitcoin ETFs
Cathie Wood sees the SEC’s approval of spot Bitcoin ETFs as the start of a new chapter for Bitcoin. While she acknowledges the need for caution due to initial hesitancy from institutions and regulatory frameworks, Wood expresses optimism about Ark becoming one of the top providers through its Bitcoin ETF. She emphasizes the importance of thorough diligence in navigating this evolving landscape.
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