Summary:
• Cathie Wood praised Hong Kong’s proactive pro-crypto regulatory stance in her speech at Web3Con.
• She highlighted the role of the Securities and Futures Commission (SFC) in establishing a comprehensive framework for cryptocurrency trading.
• Wood expressed concern about the lack of regulatory clarity in the United States, citing it as a factor leading to talent loss.
Cathie Wood, CEO of Ark Invest, praised Hong Kong’s strong pro-cryptocurrency regulatory policies. She also urged the U.S. government to follow Hong Kong’s model for the emerging industry.
Cathie Wood praises Hong Kong regulators
In a speech at the Web3 Carnival in Hong Kong, Cathie Wood praised the regulatory efforts made by agencies such as the Securities and Futures Commission (SFC) to shed light on the cryptocurrency industry. She highlighted the role of the SFC in establishing a strong framework for cryptocurrency trading under institutional supervision.
Wood highlighted Hong Kong’s emergence as a policy leader, thanks to the government’s proactive stance towards promoting innovative technologies.
Cathie Wood said: "Hong Kong's regulators, such as the Securities and Futures Commission (SFC), have done an excellent job in regulation. They provide a comprehensive management system for the trading of virtual asset commodities. It can be said that Hong Kong is a "leader" in terms of policy. It strongly encourages the development of innovative technologies and entrepreneurship. The system of investment and mutual cooperation with the government provides a good model for these institutions."
In fact, Hong Kong’s regulatory environment already offers favorable policies for the crypto industry. This makes the city-state a welcoming hub for crypto-related initiatives and growth.
In addition, Wood expressed concern about the lack of a clear regulatory framework in the U.S. She added that this lack of clarity is hindering the development of the industry and creating an unfair competitive environment for companies within the industry.
Over the past year, several crypto companies in the United States have lamented the lack of regulatory clarity in the industry. Various federal agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have fragmented regulatory policies for the crypto industry. This has led to confusion and uncertainty for businesses operating in the space.
Wood highlighted the consequences of this regulatory ambiguity. She noted that it has led to a brain drain in the field as U.S.-based crypto companies seek more favorable regulatory environments abroad. Companies such as Coinbase and Gemini established international trading platforms last year due to regulatory challenges in their home countries.
She added, “The U.S. is currently facing regulatory uncertainty and talent loss in the blockchain space. If regulators can treat practitioners better and give them more clarity and freedom, we will be able to see better results.” #加密货币监管 #CathieWood
