Ark Invest Founder Accuses SEC Chair of Political Hesitation
According to Ark Invest founder Cathie Wood, the Securities and Exchange Commission (SEC) chair Gary Gensler might be hesitating to approve a spot Bitcoin ETF due to his political ambitions. Wood suggested that Gensler’s potential interest in the Treasury Secretary position could be influencing his decision because of the focus on the dollar in that role.
Approving a spot Bitcoin ETF could add legitimacy to the cryptocurrency and strengthen its position as an alternative to the dollar, which is often touted as one of its key features.
CATHIE WOOD: Gensler’s reluctance toward a spot #Bitcoin ETF stems from his fear of manipulation, despite teaching about #Bitcoin at MIT 🤔
Speculation suggests his aspirations to be Secretary of the Treasury might be the actual reason for the approval delay 😮 pic.twitter.com/tSSDIz4Ku0
— Bitcoin News (@BitcoinNewsCom) November 14, 2023
Gensler’s Manipulation Concerns Debated
Cathie Wood challenged Gensler’s previous statement about being concerned over market manipulation risks with spot Bitcoin ETFs. She argued that Bitcoin’s decentralized and transparent nature makes it highly unlikely for manipulation to occur. Wood expressed her confusion over Gensler’s stance, especially considering his background as a former economics professor at MIT, where he taught about crypto and blockchain.
An active joint spot Bitcoin ETF filing with the SEC by Ark Invest and 21Shares is currently underway, with analysts anticipating its launch by early next year.
Cathie Wood Predicts Crypto Industry Growth
Cathie Wood remains optimistic about the growth of the crypto industry, projecting its valuation to reach $25 trillion by 2030 from its current $1 trillion value. She emphasized the importance of regulatory breakthroughs for this growth.
“This regulatory breakthrough is very important,” says @ARKinvest Founder, CEO and CIO @CathieDWood. “Our expectation is that the crypto ecosystem will be dominated [by Ether and Bitcoin] and it will scale from more than $1 trillion today to $25 trillion in 2030.” pic.twitter.com/yWqwiMA5hV
— Squawk Box (@SquawkCNBC) November 14, 2023
Hot Take: The Future of Cryptocurrency
Cathie Wood’s insights shed light on the potential hurdles faced by cryptocurrencies in gaining widespread acceptance. The ongoing debate surrounding SEC Chair Gensler’s hesitation highlights the intersection between politics and finance in shaping this burgeoning market. However, with increased regulatory clarity and support from influential figures like Wood, cryptocurrencies are poised for significant growth in the coming years.
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