- After months of keeping investors waiting, the U.S. Securities and Exchange Commission (SEC) finally approved the first spot Bitcoin
- Wood expressed astonishment at SEC Chairman Gary Gensler’s statements following the approval of the exchange-traded fund (ETF) that directly holds dozens of Bitcoins.
- Wood acknowledged the SEC’s cautious approach and suggested that institutions would need to move with increased care within the new framework.
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The U.S. Securities and Exchange Commission approved spot Bitcoin ETF applications, but Gary Gensler’s statements drew reactions!
Cathie Wood Criticizing Gary Gensler
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The U.S. Securities and Exchange Commission (SEC) finally approved the first spot Bitcoin ETF after months of keeping investors waiting. However, SEC Chairman Gary Gensler quickly distanced himself and the SEC from Bitcoin and cryptocurrencies.
Following the approval of the first spot Bitcoin ETF in the U.S., Gensler emphasized that this did not constitute his personal approval for Bitcoin. He cautioned investors to be careful due to the many risks associated with Bitcoin and other products related to cryptocurrencies.
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The statements of the SEC Chairman highlight the regulatory agency’s stance on providing access to specific financial instruments related to Bitcoin, emphasizing that investors need to be aware of inherent risks in the cryptocurrency market.
Cathie Wood, founder of Ark Investment Management LLC, expressed astonishment at SEC Chairman Gary Gensler’s statements following the approval of the exchange-traded fund (ETF) that directly holds dozens of Bitcoins. In an interview conducted on X, Wood stated that Gensler’s remarks criticized the entire cryptocurrency space and deemed it a typical reaction to disruptive innovation.
Wood pointed out that the current regulatory framework conflicts with the evolving landscape of the digital asset space, emphasizing the curiosity many have for this evolving area. She stated that cryptocurrencies are conflicting with the rising space significantly. Importantly, a proposal submitted by Ark in collaboration with 21Shares, which was approved by the SEC on Thursday for trading, was among the spot Bitcoin ETFs.
Approval of Bitcoin ETF Marks the Beginning of a New Era for BTC
The SEC’s decision represents a shift that has been resisting spot Bitcoin ETFs for over a decade. Cathie Wood stated that this development marks the beginning of a new era for Bitcoin and expressed optimism about being one of the top providers in this field with this Bitcoin ETF. Wood acknowledged the SEC’s cautious approach and suggested that institutions would need to move with increased care within the new framework.
Bitcoin experienced a slight increase, briefly reaching $47,000 after the U.S. Securities and Exchange Commission approved funds directly investing in the token. Traders are now observing the market to assess the level of funds that these newly approved financial products could attract.