TechFlow news — ARK Invest CEO Cathie Wood said in a CNBC interview that it's hard to come up with a reasonable explanation for SEC Chair Gary Gensler's opposition to a spot Bitcoin ETF, given his deep understanding of Bitcoin. Before leading the SEC, Gensler taught cryptocurrency and blockchain courses at MIT.
Wood then mentioned that people "speculate" Gensler aspires to become the U.S. Treasury Secretary, a role requiring one to "pay very close attention to the dollar," implying that Gensler’s ambition for the Treasury post might be the real reason behind the resistance to approving a spot Bitcoin ETF.
Wood also predicted that a spot ETF will eventually be approved, and expects the cryptocurrency market cap to grow from its current $1 trillion to $25 trillion by 2030. The SEC is currently reviewing spot Bitcoin ETF applications from ARK Invest and several other firms.
