The chief executive of ARK Invest says that the Chair of the U.S. Securities and Exchange Commission (SEC) is getting in the way of a spot market Bitcoin (BTC) exchange-traded fund (ETF).
In a new interview with crypto influencer Natalie Brunell, ARK Invest CEO Cathie Wood says that factions of SEC are actually very knowledgeable about Bitcoin.
However, Wood notes that there seems to be a “disconnect” in the agency with Gary Gensler at the helm.
“[The SEC] knows 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. I just know from how we have discussed Bitcoin with them – they really understand it, and they understand its merits most importantly.”
Wood goes on to say that she believes the SEC is gearing up to approve not just one but multiple spot Bitcoin ETFs.
“So this is Gary Gensler. Why he allowed a Bitcoin futures ETF, which involves counterparty risk, and not a Bitcoin ETF, which does not involve counterparty risk? In fact, ours would be backed by Bitcoin one-for-one in cold storage at Coinbase…
So I think Gary Gensler’s personal Vietnam is coming around to haunt him…
Some of the research that we believe is percolating up to [SEC] Commissioners might be getting through to them and might be the grounds now for the approval of a Bitcoin ETF – and we don’t think that the SEC will approve just one.”
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