Ark’s Cathie Wood says SEC probably will only approve BTC and ETH ETFs

Cathie Wooden, CIO and CEO of Ark Make investments, instructed the Wall Road Journal on Feb. 13 that she expects regulators to approve ETFs for only a few cryptocurrencies.

Throughout the Wall Road Journal’s “Take On the Week” podcast, Wooden mentioned:

“We’d be shocked to see something however bitcoin and ether being permitted by the [U.S. Securities and Exchange Commission].”

The complete context for Wooden’s assertion might be heard in an upcoming episode. Nonetheless, in the present day’s report implies that cryptocurrencies that are thought of securities are unlikely to acquire corresponding ETFs. The Wall Road Journal famous that SEC chair Gary Gensler has traditionally described Bitcoin (BTC) as a commodity, whereas his stance on Ethereum (ETH) is much less clear.

Others have recognized Ethereum as a commodity. Commodity Futures Buying and selling Fee (CFTC) chair Rostin Benham notably made this declare earlier than a Senate Agriculture Listening to in March 2023. This doesn’t assure that the SEC will chorus from regulating ETH as a safety, however it’s a signal that regulators could deal with Bitcoin and Ethereum equally.

One other assertion from Gary Gensler confirms that earlier developments don’t assure broader approvals. In January, Gensler mentioned that the most recent spot Bitcoin ETF approvals are “cabined” to Bitcoin and imply little else concerning the SEC’s stance on different belongings.

Ark gives a number of BTC and ETH ETFs

Ark, in partnership with 21Shares, was one in every of a number of companies that gained approval to supply a spot Bitcoin ETF in January, titled the ARK 21Shares Bitcoin ETF (ARKB).

Ark and 21Shares moreover supply 4 variations on Bitcoin futures methods ETFs and Ethereum futures methods ETFs — labelled ARKA, ARKC, ARKY, and ARKZ.

At the moment, Ark is one in every of many companies pursuing a spot Ethereum ETF. It not too long ago amended its utility to that finish. It’s seemingly that the SEC will select to approve or reject the fund in Might, at which era it is because of resolve on an analogous proposal from VanEck.

Past these numerous funds, the potential of an XRP ETF has attracted vital curiosity amongst buyers. Although no XRP fund exists or has been proposed within the U.S., Ark’s associate, 21Shares, notably gives an XRP ETP within the Swiss market beneath the ticker AXRP.