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Cathie Wood Says Ether ETF Filings Were Approved Because Crypto Is an Election Issue

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Key paperwork for the proposed ether exchange-traded funds (ETF) have been accepted abruptly and unexpectedly.

The shock approval and passage of FIT21 within the Home point out how crypto has change into an election subject.

Ark is not going to generate profits from its bitcoin ETF.

AUSTIN, TX — ARK Make investments CEO Cathie Wooden stated crypto is now a U.S. election subject, which is why key paperwork for the proposed ether exchange-traded funds (ETF) have been accepted abruptly and unexpectedly.

“The learn was it was not going to be accepted. It was completely not going to be accepted,” Wooden stated on stage at Consensus 2024 in an interview with Peter McCormack, host of the What Bitcoin Did podcast. “If it have been to have been accepted the common means, we might have been getting questions from the SEC. Nobody was getting questions from the SEC beforehand.”

Wooden, who can also be the agency’s chief funding officer, stated sentiment developed across the Monetary Innovation and Know-how for the twenty first Century Act (FIT21) within the Home. The act handed final week with help from either side of the aisle, making it clear that this could possibly be an election-year subject.

“The opposite factor that occurred was former President Trump had change into way more cozy with bitcoin and crypto usually. That week, he stated he would settle for marketing campaign donations in crypto,” which acquired consideration from the administration, Wooden stated.

Wooden additionally stated that whereas a solana ETF could possibly be accepted, meme coin-focused funds are unlikely as a result of wirehouses – the big brokerage corporations and funding advisory corporations – wouldn’t settle for greater than “the majors.”

Bitcoin as a public good

Wooden additionally stated ARK’s place is that bitcoin (BTC) is a public good, and the Ark 21Shares Bitcoin ETF that was accepted in January with a charge of 0.21% wouldn’t generate profits.

“We should always make [the ETF] as accessible as potential to as many individuals as potential, so preserve the charge very low.”

She additionally introduced that ARK will allocate a proportion of its personal fund revenues to help Bitcoin builders, guaranteeing they obtain constant help whatever the ETF’s profitability.

Bitcoin vs. Ethereum

Wooden is well-known for her bullish sentiment on bitcoin, predicting that the BTC worth might attain $1.5 million by 2030 and calling it a “monetary tremendous freeway.”

Though ether (ETH) is having its personal second within the solar due to the progress in approving the ether ETFs, Wooden did not maintain again in her stance on bitcoin when requested if she would quite maintain bitcoin or ether.

“Bitcoin, palms down. No query about it. It’s a international financial system. It’s a know-how, and it’s a new asset class. These are three huge concepts in a single, and nothing else within the crypto world is competing with it.”

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