ARK Invest CEO and founder Cathie Wood asserted in an interview with Fortune Crypto on Thursday that the largest investment manager, BlackRock, would not get preferential treatment in its filing for a spot Bitcoin exchange-traded fund (ETF).
“Well, many people think BlackRock knows something about the SEC. We don’t think it is true,” Wood stated when asked if BlackRock’s filing would be successful after other attempts failed.
BlackRock surprised the crypto industry by filing for a spot Bitcoin ETF mid-last month. The funds, named the iShares Bitcoin Trust, sparked a series of reapplications by other asset managers, including WisdomTree and Fidelity. ARK Invest also amended its spot Bitcoin ETF application on June 28, joining the quest for Securities and Exchange Commission (SEC) filing approval.
The Quest for Approval Has Been a Process
The Ark Invest CEO, who started his crypto adventure in 2015, stated that the process to convince the SEC to approve numerous spot Bitcoin ETFs filed by different institutions has been going on for a while now.
Wood referenced the lawsuit Grayscale filed against the SEC last year as part of the process, stating its outcome would be pivotal in the stance of the US regulator on spot Bitcoin ETFs. She said that if the SEC loses the Grayscale case, the odds of approving other filings increase.
Furthermore, Wood stated that BlackRock took advantage of the slightly receptive stance of the SEC on Bitcoin ETFs, as the US regulator had immediately denied earlier filings citing market volatility. The ARK Invest boss noted that the SEC’s approval of a futures Bitcoin ETF showed it might approve its spot version soon.
Spot Bitcoin ETF Approval Good for Crypto
When asked what a Bitcoin spot ETF approval would mean for the crypto industry, Wood noted that it would drive away fears in the sector.
“One of the things we’ve been worried about is the SEC chasing innovation away from the US… So, what this probably means is we will stop chasing away innovation once we get the rules of the road fully in place,” Wood stated.
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