CEO and CIO of ARK Invest, expressed her stance on both matters.
On May 29, ARK Invest CEO and CIO Cathie Wood believed that the U.S. Securities and Exchange Commission (SEC) approved the spot Ethereum ETF for political reasons.
At Coindesk’s Consensus 2024 conference, Wood mentioned two factors that could prompt the SEC’s change of attitude.
First, she mentioned the FIT21 bill, which was recently passed by the House of Representatives, which positions cryptocurrency as an election issue.
Secondly, Wood said that when deciding whether to approve a spot Ethereum ETF, former US President Donald Trump had already become more friendly toward Bitcoin and cryptocurrencies.
Just at the critical moment when the Ethereum spot ETF was approved, $Trump began to accept campaign donations in the form of cryptocurrencies. Wood believes that this move may have attracted the attention of the Biden administration.
The SEC suddenly changed its stance
Wood said that before the SEC’s sudden change of stance, it had “absolutely no” intention to approve the various pending spot Ethereum ETFs.
If the SEC approved the funds as it usually does, issuers like Ark Investments would have received inquiries from the SEC, but they didn’t. “No one received any questions from the SEC beforehand,” Wood said.
However, on May 23, the SEC approved a rule change that would allow the listing and trading of eight spot Ethereum ETFs, including one jointly offered by ArkInvest and 21 Shares.
Wood is reserved about whether other cryptocurrency ETFs besides Ethereum will be approved. She believes that large brokerages may be open to ETFs that include mainstream cryptocurrencies such as Solana, but for cryptocurrency funds based on network Meme tokens, the chances of approval are slim. $ETH
Praise for Bukele's El Salvador policy
The Ark Invest CEO also recently commented on El Salvador, praising the country’s Bitcoin policy after meeting with President Nayib Bukele.
Wood said Bukele’s approach to Bitcoin, AI and other areas could increase El Salvador’s GDP tenfold during his next five-year term. She described Bitcoin and AI as “the two biggest economic and technological revolutions in history.”
She added:
“President Bukele also embraced the idea of introducing ARK Educate’s technology innovation curriculum in El Salvador’s schools.”
The course includes blockchain, artificial intelligence, robotics, energy storage and multidisciplinary economics.
President Bukele is known for his diversified cryptocurrency strategy. The Salvadoran government currently holds at least 5,700 Bitcoins and has launched programs aimed at generating revenue from Bitcoin mining and local business activities. In addition, El Salvador has also offered citizenship opportunities to foreign investors who invest in Bitcoin.
Conclusion:
Cathie Wood’s opinion reveals the complex relationship between political factors and market dynamics in the cryptocurrency space. She provides unique insights into the motivations behind the SEC’s approval of the Ethereum ETF and praises El Salvador’s President Nayib Bukele for his forward-looking policies in promoting national economic growth and technological innovation.
In the future, as cryptocurrencies and blockchain technology continue to mature, their role in the global economy will become increasingly important. Investors, policymakers, and the industry as a whole need to pay close attention to these developments to grasp the opportunities and challenges ahead. #以太坊ETF #比特币政策 #CathieWood #SEC
