Ark’s Cathie Wood Suggests SEC May Greenlight BTC and ETH ETFs Exclusively

Crypto News- In a recent conversation with the Wall Street Journal on February 13, Cathie Wood, the Chief Investment Officer and CEO of Ark Invest, shared her insights regarding the potential approval of ETFs for cryptocurrencies. During the Wall Street Journal’s “Take On the Week” podcast, Wood expressed her anticipation that regulatory bodies would likely sanction ETFs for only a select few cryptocurrencies.

“We’d be surprised to see anything but bitcoin and ether being approved by the [U.S. Securities and Exchange Commission],” Wood remarked during the discussion.

Ark’s Cathie Wood Suggests SEC May Greenlight BTC and ETH ETFs Exclusively

While the full context of Wood’s statement will be elaborated upon in an upcoming episode, today’s report hints at a cautious outlook for cryptocurrencies deemed as securities to obtain corresponding ETFs. The Wall Street Journal highlighted the historical classification of Bitcoin (BTC) by SEC chair Gary Gensler as a commodity, while Gensler’s stance on Ethereum (ETH) remains uncertain.

It’s worth noting that others, including the Commodity Futures Trading Commission (CFTC) chair Rostin Benham, have categorized Ethereum as a commodity. However, this doesn’t necessarily ensure that the SEC will refrain from treating ETH as a security, though it suggests regulators may approach Bitcoin and Ethereum similarly.

Ark Presents Diverse BTC and ETH ETF Options

Gensler himself has emphasized that recent developments, such as the approval of spot Bitcoin ETFs, don’t necessarily signal broader approvals. In January, Gensler indicated that these approvals are specific to Bitcoin and don’t necessarily indicate the SEC’s stance on other assets.

Ark Invest, in collaboration with 21Shares, has already secured approval to offer a spot Bitcoin ETF, known as the ARK 21Shares Bitcoin ETF (ARKB). Additionally, Ark and 21Shares provide four variations of Bitcoin futures strategies ETFs and Ethereum futures strategies ETFs — labeled ARKA, ARKC, ARKY, and ARKZ.

Currently, Ark is among the firms pursuing a spot Ethereum ETF, with its application recently amended for this purpose. The SEC is expected to make a decision on this fund, along with a similar proposal from VanEck, in May.

Despite the interest among investors, particularly regarding an XRP ETF, no such fund has been proposed or established in the U.S. market. However, Ark’s partner, 21Shares, offers an XRP ETP in the Swiss market under the ticker AXRP, adding to the cryptocurrency investment options available to investors.