ARK Make investments CEO and CIO Cathie Wooden stated on Might 29 that the US SEC green-lighted the Ethereum ETF for political causes.
At Coindesk's Consensus 2024, Wooden recognized two developments that doubtless influenced the SEC's altering sentiment. First, she stated the latest passage of FIT21 within the Home of Representatives outlined cryptocurrency as an election challenge.
Second, she stated former US President Donald Trump had grow to be “far more snug with Bitcoin and cryptocurrencies” across the time he selected spot ETH ETFs.
Trump started accepting marketing campaign donations in cryptocurrencies throughout his approval week, which Wooden believes caught the eye of Joe Biden's administration.
The SEC all of the sudden modified its stance
Wooden stated the US SEC was “completely not going to” approve the varied pending spot ETH ETFs earlier than the sudden change in stance.
If the SEC had permitted the funds within the typical method, Ark and different issuers would have obtained questions from the company, which was not the case. Wooden stated:
“No one received questions from the SEC prematurely.
Nevertheless, on Might 23, the SEC permitted rule modifications that permit the itemizing and buying and selling of eight spot ETH ETFs, together with the joint providing of Ark and 21 Shares.
Wooden expressed blended views on whether or not different crypto ETFs might achieve approval after the ETF approval. She stated wirehouses might settle for ETFs protecting main cryptocurrencies, together with Solana, whereas memecoin funds are unlikely.
Bukele's Politics of El Salvador
The CEO of Ark Make investments additionally just lately commented on El Salvador, praising its Bitcoin coverage after assembly with President Nayib Bukel.
Wooden stated Bukele's dealing with of bitcoin, synthetic intelligence and different areas might improve El Salvador's GDP tenfold over the subsequent five-year interval. She described Bitcoin and AI as “two of the most important financial and technological revolutions in historical past”.
She added:
“The president additionally jumped on the thought of introducing the ARK Educate curriculum on technology-enabled innovation … to colleges in El Salvador.”
The curriculum consists of blockchain, AI, robotics, power storage and multinomics.
President Bukele is understood for his numerous crypto insurance policies. The federal government of El Salvador owns a minimum of 5,700 BTC, has carried out plans to generate income from BTC mining and native companies, and has expanded the provide of citizenship to Bitcoin traders.
