ARK Invest’s Cathie Wood argues that SEC Chair Gary Gensler is an obstacle to Bitcoin ETFs


Cathie Wood, CEO of ARK Invest, recently discussed the SEC’s Bitcoin expertise in an interview with crypto influencer Natalie Brunell.

However, Wood observes that under Gary Gensler’s leadership, there is a “disconnect” in the firm. “I think Gary Gensler was the main roadblock here because [the SEC] knows so much and is so excellent. They would never admit to anything like that, so I can’t be sure. From our conversations, I can see they have a firm grasp of Bitcoin and appreciate its many benefits.”

Wood goes on to suggest that, in her opinion, the SEC is getting ready to green light numerous spot Bitcoin ETFs.

“I’m Gary Gensler. If he wanted to avoid counterparty risk, why did he approve of a Bitcoin futures ETF but not a Bitcoin ETF? In reality, Coinbase would hold Bitcoins in cold storage to back ours up one for one…”

My guess is that Gary Gensler’s own personal Vietnam is starting to catch up with him at this point. “We think the [SEC] Commissioners are starting to hear some of the research that’s been floating around, and that this may be enough to justify the approval of a Bitcoin ETF (and we don’t think the SEC will approve just one).”

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