ARK Invest CEO Questions SEC’s Bitcoin ETF Hurdles
The CEO of ARK Invest has expressed concerns regarding the U.S. Securities and Exchange Commission (SEC) Chair's stance on a Bitcoin (BTC) exchange-traded fund (ETF) for the spot market.
In a recent conversation with crypto influencer Natalie Brunell, the head of ARK Invest, Cathie Wood acknowledged that various factions within the SEC possess a solid understanding of Bitcoin.
However, Wood observed a potential discrepancy within the SEC due to Gary Gensler’s leadership. According to her, “The SEC is well-informed and proficient, which leads me to believe that Gary Gensler might be the primary obstacle. It’s not explicitly confirmed, as they cannot openly express such views. Our discussions with them have shown their deep comprehension of Bitcoin and its underlying value.”
Wood went on to speculate that the SEC might be preparing to approve not just one but multiple spot Bitcoin ETFs. She questioned the SEC’s decision to permit a Bitcoin futures ETF, which involves counterparty risk while holding back on a Bitcoin ETF, which does not entail such risk.
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Wood emphasized that their proposed Bitcoin ETF would be fully backed by Bitcoin, stored securely in cold storage at Coinbase.
In her view, Gary Gensler’s stance on this matter is becoming increasingly problematic for him. She suggested that research findings presented to the SEC Commissioners might be influencing their perspective, potentially paving the way for the approval of a Bitcoin ETF, and she anticipates the SEC approving multiple such ETFs.