According to CoinDesk, ARK Invest CEO Cathie Wood has suggested that the political ambitions of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler might be a factor in the delay of a spot Bitcoin ETF approval. Wood, who appeared on CNBC, expressed her confusion over Gensler's stance, given his extensive knowledge of Bitcoin and his experience teaching a course in crypto and blockchain at the Massachusetts Institute of Technology (MIT) before becoming SEC Chair.
Wood referred to speculation surrounding Gensler's desire to be Treasury Secretary, noting that the role is heavily focused on the dollar. Despite this, Wood remains optimistic about the future of crypto, predicting that a spot ETF will eventually be approved, which could help increase the cryptocurrency market cap from its current $1 trillion to a $25 trillion opportunity by 2030.
ARK Invest's application to list a spot Bitcoin ETF in the U.S. is one of a dozen that the SEC is currently reviewing. Other companies that have applied include BlackRock, Fidelity, Grayscale, and Wisdomtree.
