ARK Make investments CEO and CIO Cathie Wooden asserted on Might 29 that the US SEC greenlit spot Ethereum ETFs for political causes.
At Coindesk’s Consensus 2024, Wooden recognized two developments that arguably influenced the SEC’s altering sentiment. First, she mentioned the Home’s current passing of FIT21 outlined crypto as an election concern.
Secondly, she mentioned that former US President Donald Trump grew to become “rather more cozy with Bitcoin and crypto” across the time of the choice on spot ETH ETFs.
Trump started to settle for marketing campaign donations in crypto throughout the week of the approvals, which Wooden believes attracted the eye of Joe Biden’s administration.
SEC modified stance all of the sudden
Wooden mentioned that the US SEC was “completely not” going to approve numerous pending spot ETH ETFs earlier than its sudden shift in stance.
If the SEC had accepted funds within the typical method, Ark and different issuers would have acquired questions from the company, which was not the case. Wooden mentioned:
“Nobody was getting questions from the SEC beforehand.”
Nevertheless, on Might 23, the SEC accepted rule modifications to allow the itemizing and buying and selling of eight spot ETH ETF funds, together with Ark and 21 Shares’ joint providing.
Wooden expressed blended opinions on whether or not different crypto ETFs might acquire approval following the approval of ETFs. She mentioned wirehouses might settle for ETFs involving main cryptos, together with Solana, whereas memecoin funds are unlikely.
Bukele’s El Salvador insurance policies
The Ark Make investments CEO additionally not too long ago commented on El Salvador, praising its Bitcoin insurance policies after assembly President Nayib Bukele.
Wooden mentioned Bukele’s remedy of Bitcoin, AI, and different areas might scale El Salvador’s GDP tenfold throughout his subsequent five-year time period. She described Bitcoin and AI as “two of the largest financial and expertise revolutions in historical past.”
She added:
“The President additionally leaped on the concept of introducing ARK Educate’s curriculum on technologically enabled innovation… to colleges in El Salvador.”
The curriculum consists of blockchain, AI, robotics, power storage, and multinomics.
President Bukele is thought for his numerous crypto insurance policies. The El Salvador authorities holds a minimum of 5,700 BTC, has carried out plans to generate earnings from BTC mining and native companies, and has prolonged a citizenship provide for Bitcoin buyers.
