On Could 29, Cathie Wooden, CEO and CIO of ARK Make investments, claimed that the U.S. SEC’s approval of a spot Ethereum ETF was politically motivated.
Talking at Coindesk’s Consensus 2024, Wooden recognized two developments that probably influenced the SEC’s change of considering: First, he mentioned the Home of Representatives’ latest passage of FIT21 outlined cryptocurrencies as an election subject.
Second, she famous that across the time of the choice relating to the spot ETH ETF, former U.S. President Donald Trump “grew to become fairly keen on Bitcoin and cryptocurrencies.”
President Trump started accepting marketing campaign contributions in cryptocurrency throughout his affirmation week, which Wooden believes has caught the eye of President Joe Biden's administration.
The SEC immediately modified its stance.
Wooden mentioned that earlier than the SEC's sudden change of stance, it “completely had no intention” of approving the varied pending spot ETH ETFs.
If the SEC had accepted the fund within the regular means, Ark and different issuers would have confronted questions from the SEC, however that didn't occur.
“No person was requested questions upfront by the SEC.”
Nevertheless, on Could 23, the SEC accepted rule adjustments to permit the itemizing and buying and selling of eight spot ETH ETF funds, together with a joint providing by Ark and 21 Shares.
Wooden supplied combined views on whether or not the ETF's approval might be adopted by different crypto ETFs, saying the wirehouse could also be open to ETFs focusing on main cryptocurrencies, together with Solana, however is unlikely to simply accept a meme coin fund.
Bukele's Salvadoran Coverage
The CEO of Ark Make investments additionally not too long ago commented on El Salvador, praising the nation's Bitcoin insurance policies after assembly with President Najib Bukele.
Wooden mentioned President Bukele's dedication to Bitcoin, AI and different areas may assist El Salvador's GDP develop tenfold over the following 5 years of his time period, describing Bitcoin and AI as “two of the best financial and technological revolutions in historical past.”
She added:
“The President additionally jumped on the concept of bringing ARK Educate's expertise innovation curriculum to El Salvador's colleges.”
The curriculum will embody blockchain, AI, robotics, vitality storage and multi-economics.
President Bukele is thought for his numerous cryptocurrency insurance policies, together with the Salvadoran authorities's holdings of not less than 5,700 BTC, implementing plans to generate income from BTC mining and native companies, and increasing citizenship to Bitcoin traders.
