Cathie Wooden, CIO and CEO of Ark Make investments, informed the Wall Road Journal on Feb. 13 that she expects regulators to approve ETFs for only a few cryptocurrencies.
Through the Wall Road Journal’s “Take On the Week” podcast, Wooden stated:
“We’d be shocked to see something however bitcoin and ether being permitted by the [U.S. Securities and Exchange Commission].”
The complete context for Wooden’s assertion will likely be heard in an upcoming episode. Nevertheless, right now’s report implies that cryptocurrencies that are thought of securities are unlikely to acquire corresponding ETFs. The Wall Road Journal famous that SEC chair Gary Gensler has traditionally described Bitcoin (BTC) as a commodity, whereas his stance on Ethereum (ETH) is much less clear.
Others have recognized Ethereum as a commodity. Commodity Futures Buying and selling Fee (CFTC) chair Rostin Benham notably made this declare earlier than a Senate Agriculture Listening to in March 2023. This doesn’t assure that the SEC will chorus from regulating ETH as a safety, however it’s a signal that regulators could deal with Bitcoin and Ethereum equally.
One other assertion from Gary Gensler confirms that earlier developments don’t assure broader approvals. In January, Gensler stated that the most recent spot Bitcoin ETF approvals are “cabined” to Bitcoin and imply little else in regards to the SEC’s stance on different belongings.
Ark provides a number of BTC and ETH ETFs
Ark, in partnership with 21Shares, was certainly one of a number of corporations that gained approval to supply a spot Bitcoin ETF in January, titled the ARK 21Shares Bitcoin ETF (ARKB).
Ark and 21Shares moreover provide 4 variations on Bitcoin futures methods ETFs and Ethereum futures methods ETFs — labelled ARKA, ARKC, ARKY, and ARKZ.
At the moment, Ark is certainly one of many corporations pursuing a spot Ethereum ETF. It lately amended its utility to that finish. It’s doubtless that the SEC will select to approve or reject the fund in Could, at which period it is because of resolve on an identical proposal from VanEck.
Past these varied funds, the potential of an XRP ETF has attracted important curiosity amongst traders. Although no XRP fund exists or has been proposed within the U.S., Ark’s companion, 21Shares, notably provides an XRP ETP within the Swiss market underneath the ticker AXRP.
