ARK Invest CEO Cathie Wood Addresses SEC Chair Gensler’s Stance on Bitcoin ETFs

Cathie Wood stated that SEC Chairman Gary Gensler is blocking the approval of Bitcoin ETFs. According to Wood, Bitcoin can offer security during economic uncertainties, and the SEC might approve multiple Bitcoin ETFs.

In a recent interview with Natalie Brunell, ARK Invest’s CEO Cathie Wood criticized the U.S.’s hesitation in approving Spot Bitcoin ETFs. According to Wood, SEC Chairman Gary Gensler might be the main obstacle in this process. Unlike other members, there seems to be a disconnect between Gensler and the rest of the members of his institution.

Brunell generally posed the question, “Why hasn’t any ETF been approved yet?” She also referenced some Bloomberg analysts who estimated a 75% probability that a Bitcoin ETF would be approved within the year.

“Bitcoin as a Safe Haven”

Before delving into her thoughts on ETFs, Wood commented on Bitcoin’s resilience. Highlighting that despite regional bank stocks going bankrupt earlier this year, Bitcoin’s value rose from $19,000 to $30,000, Wood stated, “This demonstrates that due to Bitcoin’s decentralized and transparent structure, there’s no counterparty risk,” adding that Bitcoin could serve as a safe haven during economic uncertainties.

In response to the approval process of Bitcoin ETFs, Wood drew attention to the internal dynamics of the SEC.

“I believe this is more about Gary Gensler personally standing in the way. From our discussions with them, it’s clear that they genuinely comprehend Bitcoin.”

Cathie Wood.

Wood stated that Gensler isn’t the sole decision-maker at the SEC and added that she remains hopeful. She believes that the SEC is not only poised to approve a single Bitcoin ETF but potentially several such ETFs as part of a batch.

“Our research, which we believe has reached some of the Commission members, could potentially pave the way for the approval of a Bitcoin ETF at this time. We don’t think the SEC will approve just one,” said Wood.

When Brunell inquired about the likelihood of approval within this year, Wood responded, “Many people predicted an approval at the start of the year, and it could still happen within the year.”

Cathie Wood recalled that ARK Invest has partnered with 21 Shares, the world’s largest crypto provider based in Switzerland. Highlighting their joint research initiatives, Wood stated, “Our first Bitcoin blog and whitepaper were in 2015, and in 2016, we collaborated on a groundbreaking article titled ‘Bitcoin as a New Asset Class’ with Coinbase.”

“When we entered the ETF scene in 2015, many journalists commented, ‘Oh, they’ve added something next to Bitcoin.’ Now, everything has reversed, and the world is waiting for the SEC’s next move on Bitcoin ETFs.”

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