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‘The Old DNA Basically Bashing The New DNA’: Cathie Wood Reacts To Sec’s Bitcoin ETF Approval

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In a recent interview, Cathie Wood, the CEO of Ark Investment Management LLC, expressed her surprise at the stance taken by Securities and Exchange Commission (SEC) Chair Gary Gensler towards the crypto space after the approval of Bitcoin exchange-traded funds (ETFs).

What Happened: On Thursday, following the SEC’s approval of around a dozen Bitcoin ETFs, Wood appeared on Bloomberg Radio and discussed her shock at Gensler’s subsequent remarks

Gensler, a known critic of cryptocurrencies, reaffirmed the SEC’s neutral stance towards digital assets despite the vote in favor of spot Bitcoin ETFs.

“He just denigrated the whole crypto space. I couldn’t believe it,” she said.

Wood referred to this as “the old DNA basically bashing the new DNA.”

Wood, who has been a vocal advocate for cryptocurrencies, was also surprised by the SEC’s decision to allow spot Bitcoin ETFs to begin trading on Thursday. She saw this as a significant shift in the SEC’s position, which had long been against the approval of such ETFs.

Why It Matters: The SEC’s recent approval of Bitcoin ETFs has been met with significant interest and commentary from industry leaders. Wood, in a previous statement, labeled the approval as a potentially “price-moving event” for Bitcoin, particularly with “institutional players on board.”

Other industry experts, such as Sheila Warren, the CEO of the Crypto Council for Innovation, have also welcomed the SEC’s decision as a significant step towards bridging the gap between traditional financial markets and the evolving cryptocurrency sector.

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