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The U.S. Securities and Exchange Commission (SEC) has finally approved the first spot Bitcoin ETF after a long and drawn-out process that kept companies and investors waiting. However, confusing statements made by SEC Chairman Gary Gensler distanced the SEC from Bitcoin and the broader crypto environment.
Cathie Wood Accuses SEC of Confusion
The first spot Bitcoin ETF in the U.S. was approved yesterday evening. Following the approval, Gensler made a lengthy statement clarifying that the approval does not equate to an endorsement of Bitcoin itself. He added that investors should be cautious due to numerous risks associated with Bitcoin and other cryptocurrency-related products.
The SEC Chairman made an extensive statement. Gensler highlighted the SEC’s approach to certain financial instruments related to Bitcoin, emphasizing that investors should be more skeptical due to the high volatility and associated risks in the crypto market.
Cathie Wood, founder of Ark Investment Management LLC, one of the companies whose ETF was approved last night, expressed surprise at the comments made by SEC Chairman Gary Gensler following the approval.
In an interview conducted by Bloomberg Radio last night, Wood stated that despite the approval, Gensler seemed to be criticizing the entire crypto sector. She suggested that the decisions made by Gensler and the SEC were reluctant and reactive.
Wood also mentioned that existing regulators are at odds with the evolving sector of digital assets, while highlighting the curiosity of many individuals about this growing field.
In particular, the application made by Ark in collaboration with 21Shares was among the spot Bitcoin ETFs approved by the SEC last night.
Bitcoin ETF Approval Opens a New Chapter for BTC
The SEC’s decision marks the end of a decade-long process for spot Bitcoin ETFs. According to Cathie Wood, this development signifies the beginning of a new era for Bitcoin, and she is optimistic about being one of the best providers with this Bitcoin ETF.
Wood seemed to agree with the SEC’s cautious approach. She emphasized that institutions will need to conduct more careful examinations in the new phase.
Following the SEC’s approval of the Bitcoin ETF decision, Bitcoin reached the $47,000 level last night, showing a relatively weak increase.
