According to Cathie Wood, CEO of Ark Invest, the US Securities and Exchange Commission (SEC) researchers are knowledgeable about Bitcoin and the cryptocurrency. Wood believes that the agency’s Chair, Gary Gensler, is the one standing in the way of spot Bitcoin exchange-traded funds (ETFs). She questions why Gensler allowed Bitcoin Futures ETFs with counterparty risks but not a Bitcoin ETF, which does not have such risks. Wood is optimistic that the SEC will approve multiple Bitcoin ETFs, and she hopes her company will be one of them.
Cathie Wood of Ark Invest believes that the SEC Chair, Gary Gensler, is preventing the approval of spot Bitcoin exchange-traded funds (ETFs) despite the SEC researchers’ knowledge and understanding of Bitcoin. Wood questions why Bitcoin Futures ETFs were allowed while Bitcoin ETFs were not. She is hopeful that the SEC will approve multiple Bitcoin ETFs and expresses her company’s desire to be one of the approved ETFs.
1. Why is Gary Gensler preventing the approval of spot Bitcoin ETFs despite the SEC researchers’ understanding of Bitcoin?
2. What are the counterparty risks involved in Bitcoin Futures ETFs and why were they allowed while Bitcoin ETFs were not?
3. Will the SEC approve multiple Bitcoin ETFs, and what impact will this have on the cryptocurrency market?
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