Cathie Wood says ETH ETF approvals were political, praises El Salvador’s BTC approach

ARK Invest CEO and CIO Cathie Wood asserted connected May 29 that the US SEC greenlit spot Ethereum ETFs for governmental reasons.

At Coindesk’s Consensus 2024, Wood identified 2 developments that arguably influenced the SEC’s changing sentiment. First, she said the House’s recent passing of FIT21 defined crypto arsenic an predetermination issue.

Secondly, she said that erstwhile US President Donald Trump became “much much cozy with Bitcoin and crypto” astir the clip of the determination connected spot ETH ETFs.

Trump began to accept run donations successful crypto during the week of the approvals, which Wood believes attracted the attraction of Joe Biden’s administration.

SEC changed stance suddenly

Wood said that the US SEC was “absolutely not” going to o.k. assorted pending spot ETH ETFs earlier its abrupt displacement successful stance.

If the SEC had approved funds successful the emblematic manner, Ark and different issuers would person received questions from the agency, which was not the case. Wood said:

 “No 1 was getting questions from the SEC beforehand.”

However, connected May 23, the SEC approved regularisation changes to licence the listing and trading of 8 spot ETH ETF funds, including Ark and 21 Shares’ associated offering.

Wood expressed mixed opinions connected whether different crypto ETFs could summation support pursuing the support of ETFs. She said wirehouses could judge ETFs involving large cryptos, including Solana, portion memecoin funds are unlikely.

Bukele’s El Salvador policies

The Ark Invest CEO besides precocious commented connected El Salvador, praising its Bitcoin policies aft gathering President Nayib Bukele.

Wood said Bukele’s attraction of Bitcoin, AI, and different areas could standard El Salvador’s GDP tenfold during his adjacent five-year term. She described Bitcoin and AI arsenic “two of the biggest economical and exertion revolutions successful history.”

She added:

“The President besides leaped astatine the thought of introducing ARK Educate’s program connected technologically enabled innovation… to schools successful El Salvador.”

The program includes blockchain, AI, robotics, vigor storage, and multinomics.

President Bukele is known for his various crypto policies. The El Salvador authorities holds astatine slightest 5,700 BTC, has implemented plans to make income from BTC mining and section businesses, and has extended a citizenship offer for Bitcoin investors.

The station Cathie Wood says ETH ETF approvals were political, praises El Salvador’s BTC approach appeared archetypal connected CryptoSlate.