Cathie Wood, the CEO of ARK Invest, has expressed her belief that the Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, is obstructing the introduction of a Bitcoin (BTC) exchange-traded fund (ETF) tied to the spot market.
During a recent interview with crypto influencer Natalie Brunell, Wood acknowledged that certain factions within the SEC possess a deep understanding of Bitcoin. However, she highlighted a perceived “disconnect” within the agency, specifically under Gensler’s leadership.
Wood stated, “[The SEC] possesses extensive knowledge and expertise, which leads me to believe that Gary Gensler is the primary obstacle. While I cannot confirm this with certainty due to their inability to openly express such sentiments, our discussions with them have demonstrated their comprehensive understanding of Bitcoin and, most importantly, its merits.”
Moreover, Wood expressed her belief that the SEC is preparing to approve not just one, but multiple spot Bitcoin ETFs.
Wood questioned Gensler’s decision to permit a Bitcoin futures ETF, which entails counterparty risk, while neglecting to approve a Bitcoin ETF that does not involve such risk. She highlighted that ARK Invest’s proposed ETF would be backed by Bitcoin held in cold storage at Coinbase, maintaining a one-to-one ratio.
Wood suggested that Gensler’s stance on this matter may come back to haunt him, metaphorically referring to it as his “personal Vietnam.”
She also speculated that certain research, which ARK Invest believes is reaching the SEC commissioners, could serve as the basis for approving a Bitcoin ETF. Wood further expressed her belief that the SEC is likely to approve more than just one such ETF.