Cathie Wood Lashes Out at Gary Gensler Over Criticism of Crypto Space after Approving Spot Bitcoin ETFs
Ark Invest CEO Cathie Wood has expressed disappointment at the statement made by SEC Chair Gary Gensler shortly after the agency approved a dozen exchange-traded funds (ETFs) that directly hold Bitcoin.
“He just denigrated the whole crypto space. I couldn’t believe it,” she said in an interview with Bloomberg Radio.
Wood said that Gensler’s comments are typical of the resistance faced by disruptive innovations.
Gensler, who has previously expressed his skepticism towards cryptocurrencies, reiterated in a statement that the SEC does not endorse digital assets.
This statement came after a 3-2 vote by SEC commissioners, including Gensler, in favor of allowing spot Bitcoin ETFs .
The SEC’s decision was expected following a legal setback in a related case in the previous year.
“While we approved the listing and trading of certain spot Bitcoin ETP shares today, we did not approve or endorse Bitcoin,” Gensler said in his statement.
He also advised investors to remain cautious about the risks associated with Bitcoin and crypto-related products.
Wood criticized Gensler’s stance, describing it as “the old DNA basically bashing the new DNA.”
She highlighted that there is a significant level of curiosity among many individuals regarding cryptocurrencies.
Ark’s joint application with 21Shares was among the spot Bitcoin ETFs given the green light by the SEC to begin trading.
The SEC’s decision marks a notable shift in its stance on spot Bitcoin ETFs, which it had opposed for over a decade.
Wood sees this as the start of a new chapter for Bitcoin and expressed optimism about Ark becoming one of the top providers through the Bitcoin ETF.
However, she acknowledged that institutions will need to navigate the new
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