Cathie Wood Expects SEC to Approve Multiple Spot Crypto ETFs Simultaneously – What's Going On?
In an interview on August 7, Cathie Wood, the CEO of ARK Investment Management, stated that the US Securities and Exchange Commission (SEC) might approve multiple spot-Bitcoin exchange-traded funds (ETFs) simultaneously.
This marks a change from her belief that her firm would be the first to receive approval for the much-awaited product.
"I think the SEC, if it's going to approve a Bitcoin ETF, will approve more than one at once," the ARK Investment Management CEO and CIO told Bloomberg TV Monday.
Cathie Wood predicted that the SEC would approve multiple ETFs if it proceeds with any current applications under consideration. Wood's proposal aligns with Grayscale's stance, as they are suing the SEC over rejecting their Bitcoin Trust conversion application to a spot Bitcoin ETF.
In July, Grayscale's legal team requested the SEC approve all proposed spot Bitcoin ETFs simultaneously to avoid any competitive advantage for one over the others.
Wood stated that the SEC would likely extend ARK Invest's spot BTC ETF application deadline.
The US financial regulator has until August 13 to decide whether to approve, reject, or delay ARK's application, and they may choose to extend the deadline or request a comment period.
Since ARK filed the paperwork in May 2023, the SEC has a maximum of 240 days, until January 2024, to make a final decision.
In June, Nasdaq and BlackRock made significant moves in the race to launch the first US spot Bitcoin ETF.
Following BlackRock's application, several other asset managers, including Fidelity, Invesco, Wisdom Tree, VanEck, Bitwise, and Valkyrie, quickly submitted re-filings to list their spot Bitcoin ETFs.
Before this wave of re-filings, the only existing application was the joint filing from ARK
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