ARK Make investments CEO and CIO Cathie Wooden asserted on Might 29 that the US SEC greenlit spot Ethereum ETFs for political causes.
At Coindesk’s Consensus 2024, Wooden recognized two developments that arguably influenced the SEC’s altering sentiment. First, she mentioned the Home’s current passing of FIT21 outlined crypto as an election difficulty.
Secondly, she mentioned that former US President Donald Trump grew to become “much more cozy with Bitcoin and crypto” across the time of the choice on spot ETH ETFs.
Trump started to settle for marketing campaign donations in crypto throughout the week of the approvals, which Wooden believes attracted the eye of Joe Biden’s administration.
SEC modified stance all of the sudden
Wooden mentioned that the US SEC was “absolutely not” going to approve varied pending spot ETH ETFs earlier than its sudden shift in stance.
If the SEC had permitted funds within the typical method, Ark and different issuers would have obtained questions from the company, which was not the case. Wooden mentioned:
“No one was getting questions from the SEC beforehand.”
Nonetheless, on Might 23, the SEC permitted rule adjustments to allow the itemizing and buying and selling of eight spot ETH ETF funds, together with Ark and 21 Shares’ joint providing.
Wooden expressed blended opinions on whether or not different crypto ETFs might acquire approval following the approval of ETFs. She mentioned wirehouses might settle for ETFs involving main cryptos, together with Solana, whereas memecoin funds are unlikely.
Bukele’s El Salvador insurance policies
The Ark Make investments CEO additionally lately commented on El Salvador, praising its Bitcoin insurance policies after assembly President Nayib Bukele.
Wooden mentioned Bukele’s therapy of Bitcoin, AI, and different areas might scale El Salvador’s GDP tenfold throughout his subsequent five-year time period. She described Bitcoin and AI as “two of the biggest economic and technology revolutions in history.”
She added:
“The President also leaped at the idea of introducing ARK Educate’s curriculum on technologically enabled innovation… to schools in El Salvador.”
The curriculum consists of blockchain, AI, robotics, vitality storage, and multinomics.
President Bukele is thought for his varied crypto insurance policies. The El Salvador authorities holds a minimum of 5,700 BTC, has applied plans to generate earnings from BTC mining and native companies, and has prolonged a citizenship provide for Bitcoin traders.
