Cathie Wood, the prominent founder of Ark Invest, has stated that she believes that the US Securities and Exchange Commission (SEC) Chairman Jay Clayton’s political aspirations could be contributing to delays in making a decision on the first Bitcoin spot ETF.
Wood commented on Clayton’s stance in an interview with Bloomberg, saying: “I think it’s politics. That wouldn’t be the first time that a chairman of the SEC has used that position not for what’s best for the country and the public, but for their own ambitions.”
The SEC has delayed making a decision on several Bitcoin ETF filings, leading to speculation that there may be political pressures at play. Wood believes that Clayton could be reluctant to approve these ETFs due to his political ambitions and a lack of understanding of Bitcoin.
Supporters of Bitcoin ETFs argue that approving these investments is essential in allowing institutional investors to access the cryptocurrency market. While the SEC may be wary to approve the products in their current form, Wood believes that a self-regulatory organization such as the National Futures Association could present a feasible alternative.
Overall, Wood believes that whether Clayton approves the inaugural Bitcoin spot ETF will be an important indicator of his motivations and of the future of Bitcoin.