As the U.S. SEC shall announce its tackle the approval standing of 12 spot Bitcoin ETF purposes, Ark Invest’s Cathie Wood shares attention-grabbing nuggets of how the securities regulator would method going forward.
SEC Chair Wants to Become Treasury Secretary
During her interview on CNBC’s Squawk Box on Tuesday, November 14, Cathie Wood mentioned that Gary Gensler is aspiring to be the Treasury Secretary and that could be the precise cause for him delaying the spot Bitcoin ETF.
Gensler’s hesitancy concerning a spot Bitcoin ETF is rooted in his considerations about potential manipulation, she added. Considering the deep understanding SEC Chair Gary Gensler possesses about Bitcoin (BTC), it’s difficult to discover a rational clarification for his opposition to a spot ETF, in line with ARK Invest CEO Cathie Wood.
She emphasized the decentralized and clear nature of the Bitcoin community, making manipulation extremely unbelievable. Wood famous Gensler’s experience within the discipline, having taught a course on crypto and blockchain on the Massachusetts Institute of Technology (MIT) earlier than assuming the function of SEC Chair.
Regardless, Wood maintains a bullish stance on crypto, foreseeing the eventual approval of a spot ETF. She believes this approval may function one of many catalysts propelling the cryptocurrency market cap from its present $1 trillion to a considerable $25 trillion opportunity by 2030.
Bitcoin ETF Approval Soon
Last week, the Bitcoin value made a significant rally all the best way as much as $37,000 because the window for Bitcoin ETF approval opened up. The US SEC is more likely to take the ultimate name by the seventeenth of November. There’s a excessive likelihood that the SEC may additional delay the ETF approval.
Bloomberg’s senior ETF strategist James Seyffart mentioned that because the deadline approaches for 3 spot Bitcoin ETF purposes, there’s a probability of SEC delay orders. Despite potential delays, our views and the 90% likelihood for 19b-4 approval by January 10, 2024, stay unchanged.
Interestingly, BlackRock has mentioned some stablecoin dangers that will come up for the spot Bitcoin ETF approval. BlackRock highlights the volatility of stablecoins, emphasizing their potential to trigger fluctuations in Bitcoin’s value. Although stablecoins have a set worth tied to the fiat forex, they typically lose the peg within the case of occasions just like the banking disaster following SVB’s collapse earlier this yr.
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