Cathie Wood says it’s Gensler who’s ‘standing in the way’ of spot bitcoin ETFs

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By BitcoinWiki News

Key Takeaways:

– Cathie Wood believes that SEC Chair Gary Gensler is standing in the way of proposed spot bitcoin ETFs.
– Wood acknowledges that SEC staff are knowledgeable and understanding of bitcoin, suggesting that the issue lies with Gensler.
– Wood’s firm, Ark Invest, has re-filed an application for its ARK 21Shares Bitcoin ETF.
– Wood questions why a bitcoin futures ETF, which involves counterparty risk, was allowed while a bitcoin ETF, which does not involve counterparty risk, was not.
– Wood suggests that Gensler’s personal bias is affecting the decision-making process.
– Wood expects the SEC to approve a group of bitcoin ETFs rather than just one.
– Pressure to approve a spot bitcoin ETF has increased after Grayscale Investments won a ruling to re-review its bid for a spot bitcoin ETF.
– Lawmakers have urged Gensler to allow for a regulated spot bitcoin ETF for investor protection and transparency.
– The SEC has not yet indicated its next steps after the ruling.


Cathie Wood, CEO of Ark Invest, believes that Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), is the one standing in the way of proposed spot bitcoin exchange-traded funds (ETFs), rather than the agency itself. Wood stated in an interview that the SEC staff are knowledgeable and understand the merits of bitcoin, suggesting that the roadblock lies with Gensler. Ark Invest has re-filed its application for the ARK 21Shares Bitcoin ETF after two previous rejections. Wood questions why Gensler approved a bitcoin futures ETF, which involves counterparty risk, but not a bitcoin ETF, which does not. Pressure is mounting for the approval of a spot bitcoin ETF after Grayscale Investments won a case against the SEC in August, prompting lawmakers to urge Gensler to allow for a regulated spot bitcoin ETF.

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