April 13, 2024

Ark’s Cathie Wood condemns SEC Chair, says Gensler ‘denigrated’ crypto

Ark Investment Management CEO Cathie Wood says Gary Gensler ‘denigrated the whole crypto space’ with his latest statement.

Speaking in an interview with Bloomberg on Jan. 11, Ark Investment Management founder and CEO Cathie Wood criticized the head of the U.S. Securities and Exchange Commission (SEC), saying the latest statement about cryptocurrencies “denigrated” the whole industry.

“He just denigrated the whole crypto space. I couldn’t believe it. This is par for the course in disruptive innovation.”

Cathie Wood

Wood’s comments were prompted by Gensler’s continued skepticism towards cryptocurrencies, even after granting approval for spot Bitcoin exchange-traded funds (ETFs). Gensler, who has been consistently critical of cryptocurrencies since taking charge at the helm of the U.S. financial regulator, reiterated in his latest statement that the SEC “did not approve or endorse Bitcoin.”

“While we approved the listing and trading of certain spot Bitcoin ETP shares today, we did not approve or endorse Bitcoin. Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.”

Gary Gensler

Despite Gensler’s negative stance, Cathie Wood believes that the approval of spot Bitcoin ETFs marks a significant development for the largest cryptocurrency by market capitalization. She emphasizes that institutions will now need to navigate and adapt to the new regulatory framework with increased diligence.

As previously reported by crypto.news, the SEC gave the green light to multiple spot Bitcoin ETFs on Jan. 10, including the one jointly filed by Ark and 21Shares. The approval paves the way for ETFs to commence trading on the CBOE from 9 am on Jan. 11, coinciding with the opening of the U.S. stock market.

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