Coinspeaker ARK Invest CEO Cathie Wood Sees US Innovation Boom with SEC Shakeup
Cathie Wood, the CEO and founder of ARK Invest, says a change in the leadership of the United States Securities and Exchange Commission (SEC) could impact the country’s economy. She believes the move will turbocharge the economy, bringing about an influx of innovation and investment in emerging technologies.
Cathie Wood on Trump’s Victory Impact Bitcoin
Among crypto investors, the most important part of having a new President is the change in SEC administration that comes with it. For a long time, the discharge of Gary Gensler’s duties threatened the crypto industry. Under his leadership as the Chairman of the securities agency, several crypto exchanges faced enforcement actions over their services.
As a result, Donald Trump‘s pro-crypto stance and eventual victory in the 2024 US election were advantageous to the crypto sector. According to Cathie Wood, clamping the wings of the SEC is not the only change that needs to be made. It also involves “deregulation, defanging the SEC, FTC, and others, government spending cuts, and tax cuts.”
The US elections were held about a week ago, but the ARK Invest CEO says there is already more clarity in the investment landscape after the votes. Largely, Cathie Wood sees the SEC as a “menace to the digital assets movement”. She blamed the current SEC Chair for losing talent in America, suggesting that many businesses operated outside the US due to strict regulations.
Donald Trump has remained very vocal about his Bitcoin BTC $82 319 24h volatility: 3.3% Market cap: $1.63 T Vol. 24h: $81.63 B plans. He even intends to build a strategic Bitcoin reserve upon his resumption in office. Noteworthy, Senator Cynthia Lummis is already pushing legislation to formalize this reserve by Congress. Cathie Wood recognizes that Bitcoin is very much part of the incoming administration’s plan, but she says a lot more than that will change in the crypto sector.
She projects that the ‘light’ on Bitcoin will run through everything, including crypto and Decentralized Finance (DeFi), and “that’s going to be very exciting.” Among her predictions is an explosion in productivity growth. This will be among major innovation platforms, including robotics, energy storage, Artificial Intelligence (AI), and blockchain technology.
Cathie Wood is very optimistic that the convergence of these transformative technologies will unlock explosive GDP growth.
Who Will Become the Next SEC Chair?
There are still speculations about who will replace Gary Gensler as the SEC Chair. Galaxy Digital CEO Mike Novogratz thinks ”Crypto Mom” Hester Peirce and Robinhood’s Chief Legal Officer Dan Gallagher are potential candidates for the seat. The SEC Commissioner has constantly spoken against the agency’s regulation style, including lawsuits and other enforcement actions.
Peirce believes the crypto sector should get clear regulation like the traditional financial sector. Also, she does not agree with Gensler that litigation is the most effective way to carry out regulations. Her potential appointment for the SEC Chair role might give her the opportunity to implement key changes.
More industry leaders think the position will go to Gallagher, who has been crucial to the crypto sector.
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ARK Invest CEO Cathie Wood Sees US Innovation Boom with SEC Shakeup
