The CEO of ARK Invest says the chairman of the U.S. Securities and Exchange Commission (SEC) is standing in the way of a spot Bitcoin (BTC) exchange-traded fund (ETF).
In a new interview with crypto influencer Natalie Brunell, ARK Invest CEO Cathie Wood says that SEC factions are actually very knowledgeable about Bitcoin.
However, Wood notes that there appears to be a “disconnect” within the agency with Gary Gensler at the helm.
“[The SEC] know so much and they are so good that I believe Gary Gensler had a lot more in the way. I’m not sure because they could never say something like that. All I know from the way we discussed Bitcoin with them is that they really understand it, especially its benefits.”
Wood goes on to say that she believes the SEC is gearing up to approve not just one, but several spot Bitcoin ETFs.
“So this is Gary Gensler. Why did he allow a Bitcoin futures ETF, which carries counterparty risk, and not a Bitcoin ETF, which carries no counterparty risk? In fact, ours would be backed one-to-one by Bitcoin in cold storage at Coinbase…
So I guess Gary Gensler’s personal Vietnam continues to haunt him…
Some of the research that we think is trickling down [SEC] Commissioners may get through to them and now be the reason for approving a Bitcoin ETF – and we don’t think the SEC will approve just one.”
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