Wood believes the SEC will extend the time needed to make the decision regarding spot Bitcoin ETFs.
Cathie Wood, the founder and CEO of ARK Investment Management, believes that a batch of spot Bitcoin ETFs might get the simultaneous nod from the US Securities and Exchange Commission (SEC).
Cathie Wood shared insights in a conversation with Bloomberg on August 7th.
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Wood hinted that the SEC might opt for a collective move, greenlighting several ETFs rather than picking one. Notably, ARK updated its Bitcoin ETF application this past June, incorporating a surveillance-sharing provision.
Delving into the specifics of ARK Invest's application, Wood anticipates a likely extension by the SEC. Currently, the watchdog has until August 13th to either embrace spurn or seek more time on ARK’s application. Given the initial filing in May 2023, the SEC has a window extending to January 2024 to reach a verdict.
Echoing Wood's statement, another prominent player engaged in a legal battle with SEC, Grayscale urged the SEC to embrace all Bitcoin ETF proposals in tandem. This, they argued, would ensure a level playing field, precluding any single entity from gaining an undue edge.
Dwelling on the SEC's history, it's interesting to note the regulator's stance on crypto. They've yet to give the thumbs up to any spot crypto ETF within American shores. However, the queue near SEC's doors is quite significant, with spot Bitcoin ETF applications submitted by BlackRock, Valkyrie, Invesco, Fidelity, VanEck, Wisdom, and of course, ARK Invest.
In the evolving narrative of cryptocurrency, the potential synchronized approval of Bitcoin ETFs in the US could be a pivotal chapter eagerly awaited by enthusiasts and skeptics alike.
