Ark’s Cathie Wood says SEC probably will only approve BTC and ETH ETFs

Cathie Wood, CIO and CEO of Ark Invest, told the Wall Street Journal connected Feb. 13 that she expects regulators to o.k. ETFs for precise fewer cryptocurrencies.

During the Wall Street Journal’s “Take On the Week” podcast, Wood said:

“We’d beryllium amazed to spot thing but bitcoin and ether being approved by the [U.S. Securities and Exchange Commission].”

The afloat discourse for Wood’s connection volition beryllium heard successful an upcoming episode. However, today’s study implies that cryptocurrencies which are considered securities are improbable to get corresponding ETFs. The Wall Street Journal noted that SEC seat Gary Gensler has historically described Bitcoin (BTC) arsenic a commodity, portion his stance connected Ethereum (ETH) is little clear.

Others person identified Ethereum arsenic a commodity. Commodity Futures Trading Commission (CFTC) seat Rostin Benham notably made this assertion earlier a Senate Agriculture Hearing successful March 2023. This does not warrant that the SEC volition refrain from regulating ETH arsenic a security, but it is simply a motion that regulators whitethorn dainty Bitcoin and Ethereum similarly.

Another connection from Gary Gensler confirms that erstwhile developments bash not warrant broader approvals. In January, Gensler said that the latest spot Bitcoin ETF approvals are “cabined” to Bitcoin and mean small other astir the SEC’s stance connected different assets.

Ark offers respective BTC and ETH ETFs

Ark, successful concern with 21Shares, was 1 of respective firms that gained support to connection a spot Bitcoin ETF successful January, titled the ARK 21Shares Bitcoin ETF (ARKB).

Ark and 21Shares additionally connection 4 variations connected Bitcoin futures strategies ETFs and Ethereum futures strategies ETFs — labelled ARKA, ARKC, ARKY, and ARKZ.

Currently, Ark is 1 of galore firms pursuing a spot Ethereum ETF. It precocious amended its application to that end. It is apt that the SEC volition take to o.k. oregon cull the money successful May, astatine which clip it is owed to determine connected a akin connection from VanEck.

Beyond those assorted funds, the anticipation of an XRP ETF has attracted important involvement among investors. Though nary XRP money exists oregon has been projected successful the U.S., Ark’s partner, 21Shares, notably offers an XRP ETP successful the Swiss marketplace nether the ticker AXRP.

The station Ark’s Cathie Wood says SEC astir apt volition lone o.k. BTC and ETH ETFs appeared archetypal connected CryptoSlate.