Cathie Wood on Ether ETF Approval: Election Season Shaping Crypto Policy
Crypto News- In a surprising turn of events, ARK Invest CEO Cathie Wood recently declared that cryptocurrency has emerged as a crucial issue in U.S. elections. This revelation sheds light on the sudden and unexpected approval of key documents for proposed ether exchange-traded funds (ETFs).
Speaking at Consensus 2024 in an interview with Peter McCormack of the What Bitcoin Did podcast, Wood disclosed insider insights into the approval process. Initially anticipated to face rejection, the approval came as a shock. Wood emphasized that had it followed the regular channels, inquiries from the SEC would have undoubtedly arisen.
Political and Presidential Influences: Catalysts for Crypto Approval
Wood attributed the shift in sentiment to the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House, garnering bipartisan support. Additionally, she highlighted former President Trump’s growing affinity towards Bitcoin and cryptocurrencies, especially his announcement of accepting campaign donations in crypto.
Regarding ETF prospects, Wood hinted at the possibility of a solana ETF approval but expressed skepticism towards meme coin-focused funds due to resistance from wirehouses. She emphasized the importance of keeping fees low to maximize accessibility, exemplified by the Ark 21Shares Bitcoin ETF with a nominal fee of 0.21%.
Empowering Bitcoin Development: ARK Invest’s Philanthropic Initiative
In a philanthropic move, Wood announced ARK’s commitment to allocate a portion of its private fund revenues to support Bitcoin developers, irrespective of the ETF’s profitability.
Wood’s bullish stance on Bitcoin remains unwavering, projecting a monumental price surge to $1.5 million by 2030 and lauding it as a “financial superhighway.” Despite Ethereum’s recent surge in popularity, Wood unequivocally favors Bitcoin, citing its status as a global monetary system, revolutionary technology, and groundbreaking asset class, asserting its unparalleled position in the crypto sphere.
FAQs
Why was the approval of ether exchange-traded funds (ETFs) unexpected?
The approval of ether ETF documents caught many off guard because initial expectations leaned towards rejection. Cathie Wood, CEO of ARK Invest, revealed that had the process followed its usual course, it would have likely faced inquiries from the Securities and Exchange Commission (SEC).
What factors contributed to the shift in sentiment towards cryptocurrency and ETF approval?
The passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House played a pivotal role in altering sentiment. Additionally, Cathie Wood highlighted former President Trump’s increasing support for Bitcoin and cryptocurrencies, notably his announcement of accepting campaign donations in crypto, which brought attention to the issue.
What is Cathie Wood’s perspective on the potential approval of other cryptocurrency-focused ETFs?
While Wood hinted at the possibility of a solana ETF approval, she expressed doubt regarding meme coin-focused funds due to resistance from wirehouses. She emphasized the importance of maintaining low fees to ensure broad accessibility, exemplified by ARK’s Bitcoin ETF with a fee of 0.21%.
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