{"id":73479,"date":"2023-10-17T04:07:14","date_gmt":"2023-10-17T08:07:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ark-invests-cathie-wood-blames-gary-gensler-for-obstructing-proposed-spot-bitcoin-etfs-and-not-sec\/"},"modified":"2023-10-17T04:07:16","modified_gmt":"2023-10-17T08:07:16","slug":"ark-invests-cathie-wood-blames-gary-gensler-for-obstructing-proposed-spot-bitcoin-etfs-and-not-sec","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73479","title":{"rendered":"Ark Invest\u2019s Cathie Wood Blames Gary Gensler for Obstructing Proposed Spot Bitcoin ETFs and Not SEC"},"content":{"rendered":"
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Influential investor Cathie Wood, CEO of Ark Invest, said that the researchers at the US Securities and Exchange Commission (SEC) are \u201creally good\u201d, and it\u2019s the agency\u2019s Chair Gary Gensler who is standing on the way of spot Bitcoin exchange-traded funds (ETFs).<\/p>\n

Speaking with Coin Stories podcaster Natalie Brunell on Monday, Wood stressed the merits of Bitcoin (BTC) and that the SEC \u201creally understands\u201d the cryptocurrency.<\/p>\n

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\u201cFor me, the disconnect is, they [SEC staff] know so much, and they are so good that I believe this was much more Gary Gensler standing in the way. I don’t know for sure because they could never say something like that.\u201d<\/p>\n<\/blockquote>\n

She also raised the question of why Gensler allowed Bitcoin Futures ETFs which \u201cinvolves counterparty risks\u201d and not a Bitcoin ETF, which does not have such risks.<\/p>\n

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\u201cIn fact, ours (BTC ETF) would be backed by Bitcoin, one-for-one, in cold storage at Coinbase. That’s why Grayscale has won its case. It is that argument.\u201d<\/p>\n<\/blockquote>\n

Wood noted that Gensler\u2019s \u201cpersonal Vietnam\u201d is coming to haunt him. \u201cI do think the SEC is moving now,\u201d she added.<\/p>\n

The businesswoman was optimistic that the regulator would not just approve one Bitcoin ETF, but approve \u201ca group of them.\u201d She also added that her company hopes that much research is given to educate people, which is one of the company\u2019s important values.<\/p>\n

\u201cWe hope that helps us as we hopefully be one of those approved,\u201d Wood said.<\/p>\n

Possibility of Multiple Bitcoin ETF Approvals<\/h2>\n

In another interview with CNBC Monday, Wood said that the SEC\u2019s inquiries signified a \u201cchange in behavior\u201d which had raised hopes among industry players for a possible Bitcoin ETF approval.<\/p>\n

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\u201cI think many people think the fact that the SEC chose to ask questions is a change in behavior and therefore I do think hopes are rising that one or a number of Bitcoin ETFs will be approved.\u201d<\/p>\n<\/blockquote>\n

In September, lawmakers pressed the SEC Chair to allow spot Bitcoin ETFs \u201cimmediately.\u201d A group of Republican and Democratic Reps. urged Gensler to urgently allow the listing of a spot BTC ETF, arguing that a regulated product would increase investor protection by making access to Bitcoin more transparent and safer.<\/p>\n

ARK 21Shares Bitcoin ETF re-filed its application earlier this year after the SEC rebuffed two previous filings.<\/p>\n<\/p><\/div>\n