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As the U.S. SEC shall announce its tackle the approval standing of 12 spot Bitcoin ETF functions, Ark Invest’s Cathie Wood shares attention-grabbing nuggets of how the securities regulator would strategy going forward.

SEC Chair Wants to Become Treasury Secretary

During her interview on CNBC’s Squawk Box on Tuesday, November 14, Cathie Wood mentioned that Gary Gensler is aspiring to be the Treasury Secretary and that may be the precise cause for him delaying the spot Bitcoin ETF.

Gensler’s hesitancy relating to a spot Bitcoin ETF is rooted in his issues about potential manipulation, she added.  Considering the deep understanding SEC Chair Gary Gensler possesses about Bitcoin (BTC), it’s difficult to discover a rational clarification for his opposition to a spot ETF, based on ARK Invest CEO Cathie Wood.

She emphasized the decentralized and clear nature of the Bitcoin community, making manipulation extremely unbelievable. Wood famous Gensler’s experience within the subject, having taught a course on crypto and blockchain on the Massachusetts Institute of Technology (MIT) earlier than assuming the position of SEC Chair.

Regardless, Wood maintains a bullish stance on crypto, foreseeing the eventual approval of a spot ETF. She believes this approval might function one of many catalysts propelling the cryptocurrency market cap from its present $1 trillion to a considerable $25 trillion opportunity by 2030.

Bitcoin ETF Approval Soon

Last week, the Bitcoin value made a significant rally all the way in which as much as $37,000 because the window for Bitcoin ETF approval opened up. The US SEC is more likely to take the ultimate name by the seventeenth of November. There’s a excessive probability that the SEC might additional delay the ETF approval.

Bloomberg’s senior ETF strategist James Seyffart mentioned that because the deadline approaches for 3 spot Bitcoin ETF functions, there’s a probability of SEC delay orders. Despite potential delays, our views and the 90% chance for 19b-4 approval by January 10, 2024, stay unchanged.

Interestingly, BlackRock has mentioned some stablecoin dangers that will come up for the spot Bitcoin ETF approval. BlackRock highlights the volatility of stablecoins, emphasizing their potential to trigger fluctuations in Bitcoin’s value. Although stablecoins have a hard and fast worth tied to the fiat forex, they usually lose the peg within the case of occasions just like the banking disaster following SVB’s collapse earlier this 12 months.

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Bhushan is a FinTech fanatic and holds a superb aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and generally discover his culinary expertise.

The introduced content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.