Cathie Wood Accuses SEC Chair Gary Gensler of Hindering Bitcoin ETF Approval
According to Cathie Wood, the CEO of Ark Invest, the Securities and Exchange Commission (SEC) Chair Gary Gensler is the one standing in the way of proposed spot bitcoin exchange-traded funds (ETFs), rather than the agency itself. Wood believes that the SEC staff are knowledgeable about bitcoin and its merits, but Gensler is the one causing the disconnect. She expressed her thoughts during an interview with Coin Stories podcaster Natalie Brunell. Wood’s firm, Ark Invest, has re-filed its application for the ARK 21Shares Bitcoin ETF after two previous rejections by the SEC.
Gensler’s Bias and Grayscale’s Case
Wood questions why Gensler allowed a bitcoin futures ETF, which involves counterparty risk, but not a bitcoin ETF that doesn’t have such risks. She argues that their proposed ETF would be backed by bitcoin stored in cold storage at Coinbase. Wood suggests that Gensler’s personal bias may be affecting his decision-making process. She also believes that the SEC will likely approve a group of bitcoin ETFs rather than just one.
Pressure Mounts for Approval
The pressure to approve a spot bitcoin ETF has increased after Grayscale Investments won its case in August, requiring the SEC to re-review its bid for a spot bitcoin ETF. Lawmakers have also urged Gensler to allow for a regulated spot bitcoin ETF, emphasizing that it would enhance investor protection and transparency.
Hot Take: The Battle for Bitcoin ETF Approval Continues
The debate over approving spot bitcoin ETFs rages on, with Cathie Wood accusing SEC Chair Gary Gensler of obstructing progress. Wood’s belief in the knowledge and understanding of the SEC staff highlights the possible influence of Gensler’s personal biases. As pressure mounts and legal battles unfold, the fate of bitcoin ETFs remains uncertain. However, with Grayscale’s recent victory and lawmakers advocating for increased investor protection, it seems that progress may be on the horizon. The crypto community eagerly awaits the SEC’s decision and hopes for a positive outcome that will provide broader access to bitcoin investments.
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