9 months ago
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Wood's ARK Invest and seven other entities are currently pursuing regulatory approval for spot Ethereum offerings.
ARK Invest CEO Cathie Wood believes that Bitcoin and Ethereum have a clear advantage for gaining spot exchange-traded fund (ETF) approval in the US, while other crypto might face more hurdles.
In a recent interview with WSJ, Wood said that the US Securities and Exchange Commission (SEC) is unlikely to approve spot products for any other crypto besides Bitcoin and Ethereum. The whole context of Wood’s statement will be revealed in an upcoming episode of WSJ’s Take On the Week podcast.
“We’d be surprised to see anything but Bitcoin and Ether being approved by the SEC,” stated Wood.
The SEC recently approved several spot Bitcoin ETFs for trading, recognizing Bitcoin as a commodity rather than a security. However, the SEC noted in a statement that the spot Bitcoin ETF approval doesn’t guarantee an open door to other crypto ETFs. The regulators still have concerns about the vast majority of crypto, considering them securities and expecting compliance with regulations.
“Today’s Commission action is cabined to ETPs holding one non-security commodity, bitcoin. It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities. Nor does the approval signal anything about the Commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws,” wrote SEC chair Gary Gensler
Wood’s ARK Invest, in collaboration with 21Shares, filed for a first-ever spot Ethereum ETF in September last year. Following ARK Invest, other asset managers like BlackRock, Grayscale, and Franklin Templeton joined the Ethereum ETF race.
Sharing a similar viewpoint as Wood, BlackRock CEO Larry Fink said in an interview with CNBC last month that he sees “value in having an Ethereum ETF.” According to him, Bitcoin and Ethereum ETFs are key steps toward tokenization.
The SEC approved several Ethereum futures ETFs for trading last October. However, the agency has not yet made a final decision on any of the spot Ethereum ETF applications, including ARK Invest’s.
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