Why is the SEC Delaying Bitcoin ETF Approval? Cathie Wood Weighs In – Coinpedia Fintech NewsNovember 15, 2023
In a revealing video from 2018, SEC Chair Gary Gensler expressed his opinion that significant cryptocurrencies like bitcoin, ether, litecoin, and bitcoin cash are “not securities.” This stance contrasts sharply with his current position. In a February interview with New York Magazine, Gensler said that “everything other than Bitcoin” might be classified as a security.
As the current SEC Chair, Gensler has adopted a firm stance, asserting that cryptocurrency platforms operate similarly to securities exchanges and fall under the SEC’s regulatory purview. He emphasizes that the issue with crypto markets is not a lack of regulatory clarity but regulatory compliance.
Cathie Wood’s Critique of Gensler’s Approach
In a recent CNBC interview, ARK Invest CEO Cathie Wood expressed her perplexity over Gensler’s opposition to a spot Bitcoin ETF. She highlighted the transparent and decentralized nature of the Bitcoin network, arguing that manipulation is highly unlikely. With his background in teaching blockchain and cryptocurrency at MIT, Wood pointed out that Gensler is undoubtedly aware of these characteristics.
Wood then speculated that Gensler’s reluctance might be influenced by his alleged aspirations to become the Secretary of the Treasury. She humorously downplayed the Treasury Secretary’s role as merely dealing with money bills, implying that Gensler’s ambitions could impact his SEC decisions.
The debate over approving a spot Bitcoin ETF continues to be a contentious issue, with industry leaders like Cathie Wood challenging the SEC’s stance. The speculation around Gensler’s political ambitions adds another layer to the ongoing discussion about the future of cryptocurrency regulation.
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