Cathie Wood, founder of ARK Invest, pointed out today that the key reason for the sudden approval of the Ethereum spot ETF document last week was that cryptocurrencies have now become an important issue in the US presidential election.
(Previous summary:
Revelation: Biden is the candidate for the Web3 generation, forcing the SEC to change the Ethereum ETF policy)
(Background supplement:
Trump announced accepting BTC, ETH, DOGE… and other political donations, will Biden follow suit? Cryptocurrency becomes an important issue in the US election)
Table of Contents of this article:
The founder of Ark Invest, Cathie Wood, believes that the approval of the Ethereum ETF document is due to “cryptocurrencies becoming an election issue.”
The FIT21 bill was also successfully passed due to the “election year.”
Cathie Wood: There is nothing in the cryptocurrency world that can rival Bitcoin.
The Securities and Exchange Commission (SEC) made a sudden U-turn in attitude last week, approving 8 Ethereum spot ETFs within a few days, which surprised the market and experts.
An insider revealed last week to The Block that the reason for the SEC’s overnight change in stance was a “political decision” because the US presidential election is approaching, and cryptocurrencies are likely to have become a campaign issue that both parties in the US value, as both parties are eager to attract the Web3 generation.
The official listing of the Ethereum spot ETF still awaits approval of another S-1 document (registration statement) by the SEC, and experts generally predict that it will take weeks to months.
In response, Cathie Wood, CEO of Ark Invest, also had a similar interpretation. According to Coindesk’s report, she stated at the Consensus 2024 conference today:
Ark Invest, which she leads, is also one of the issuers of the Ethereum spot ETF that obtained SEC approval for the 19b-4 document last week. Wood also pointed out that last week was not a “routine” approval, “If it had been approved in a routine manner, we would have received inquiries from the SEC, but no one received questions from the SEC in advance.” Her statement reflects the urgency of the SEC’s lightning-fast approval of the document last week.
Wood also commented on the milestone event of the US House of Representatives voting in favor of the “21st Century Financial Innovation and Technology Act” (FIT21) supported by the crypto industry last week. She believes that the passage of the bill with bipartisan support last week clearly indicates that this may be an issue in an “election year.”
She also mentioned that former US President Trump has become more friendly towards Bitcoin and cryptocurrencies, announcing last week that he will accept various cryptocurrencies such as Bitcoin, Ether, and Dogecoin as campaign donations, which has also attracted the attention of the Biden administration.
Further reading:
“What is the FIT21 Cryptocurrency Bill? What significant impact will it bring and can it make the US a leader in Web3?”
Further reading:
Cryptocurrency voters become the main battlefield in the US presidential election! Is there potential for meme coins related to Trump and Biden?
Trump makes a big move: “If you support crypto, vote for me! I will fully embrace cryptocurrencies if elected”