Cathie Wood Believes SEC Dam Has Cracked: Flood of Bitcoin Spot ETF Approvals Imminent
The post Cathie Wood Believes SEC Dam Has Cracked: Flood of Bitcoin Spot ETF Approvals Imminent appeared on BitcoinEthereumNews.com. The crypto community has long awaited the approval of a Bitcoin spot exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). This desire stems from beliefs that an SEC-approved spot ETF would propel Bitcoin firmly into the mainstream, opening the floodgates for institutional capital. Keypoints Cathie Wood of ARK Invest is optimistic the SEC will approve multiple spot Bitcoin ETFs by the end of 2023. She believes the SEC’s recent actions signal a change in attitude. This change in attitude may be due to the recent court ruling against the SEC in the Grayscale Bitcoin Trust case, which found the SEC’s rejection of GBTC’s ETF application was “arbitrary and capricious.” Wood expects a decision by January 10, 2024 and thinks multiple Bitcoin ETFs could be approved at the same time. There was a brief Bitcoin price rally when an erroneous tweet claimed the SEC approved BlackRock’s Bitcoin ETF application. This highlighted the market’s anticipation of SEC approval. In an interview, Wood blamed SEC Chair Gary Gensler specifically for obstructing spot Bitcoin ETF applications, not SEC staff who she says understand and research Bitcoin well. Wood believes Gensler allowed Bitcoin futures ETFs but not spot Bitcoin because of a “personal Vietnam”, referring to his anti-crypto stance. For years, the SEC has rejected every spot Bitcoin ETF application, allowing only Bitcoin futures ETFs. But recent developments suggest the regulatory winds may be shifting. ARK Invest CEO Cathie Wood said the SEC’s request for information on ARK’s latest filing signals a “change in behavior.” The influential investor believes multiple spot Bitcoin ETFs could receive approval by year’s end. What’s behind the SEC’s apparent change of heart? Experts point to the bombshell court ruling against the agency in its legal battle with Grayscale. In August, a judge found the SEC’s rejection of Grayscale’s…
The post Cathie Wood Believes SEC Dam Has Cracked: Flood of Bitcoin Spot ETF Approvals Imminent appeared on BitcoinEthereumNews.com.
The crypto community has long awaited the approval of a Bitcoin spot exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). This desire stems from beliefs that an SEC-approved spot ETF would propel Bitcoin firmly into the mainstream, opening the floodgates for institutional capital. Keypoints Cathie Wood of ARK Invest is optimistic the SEC will approve multiple spot Bitcoin ETFs by the end of 2023. She believes the SEC’s recent actions signal a change in attitude. This change in attitude may be due to the recent court ruling against the SEC in the Grayscale Bitcoin Trust case, which found the SEC’s rejection of GBTC’s ETF application was “arbitrary and capricious.” Wood expects a decision by January 10, 2024 and thinks multiple Bitcoin ETFs could be approved at the same time. There was a brief Bitcoin price rally when an erroneous tweet claimed the SEC approved BlackRock’s Bitcoin ETF application. This highlighted the market’s anticipation of SEC approval. In an interview, Wood blamed SEC Chair Gary Gensler specifically for obstructing spot Bitcoin ETF applications, not SEC staff who she says understand and research Bitcoin well. Wood believes Gensler allowed Bitcoin futures ETFs but not spot Bitcoin because of a “personal Vietnam”, referring to his anti-crypto stance. For years, the SEC has rejected every spot Bitcoin ETF application, allowing only Bitcoin futures ETFs. But recent developments suggest the regulatory winds may be shifting. ARK Invest CEO Cathie Wood said the SEC’s request for information on ARK’s latest filing signals a “change in behavior.” The influential investor believes multiple spot Bitcoin ETFs could receive approval by year’s end. What’s behind the SEC’s apparent change of heart? Experts point to the bombshell court ruling against the agency in its legal battle with Grayscale. In August, a judge found the SEC’s rejection of Grayscale’s…
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