- Wood thinks recent actions by the SEC have signaled a change in its attitude.
- This change in attitude can be attributed to the recent court ruling in the SEC vs. Grayscale Investments case.
Cathie Wood, CEO of ARK Invest, is bullish on Bitcoin with multiple spotlights [BTC] Exchange Traded Funds (ETFs) approved by the U.S. Securities and Exchange Commission (SEC). In a recent interview with CNBC, Wood said talked including ETF applications and the changing stance of the SEC.
Wood confirmed that ARK Invest has responded to the regulatory body’s request for information on its Bitcoin ETF application.
“Last week it was announced and disclosed that we had responded to the SEC’s request for information regarding our Bitcoin filing, and we have responded. That’s really all we can say.”
Although the regulator did not request it, ARK submitted an amended joint application together with 21Shares.
The couple first archived for a joint Bitcoin ETF in 2021. Since then, the SEC has rejected all its applications time and time again.
Wood added that recent actions on behalf of the SEC signaled a change in its attitude toward spot Bitcoin ETFs. The industry is therefore hopeful about the possibility of the SEC approving these applications.
In due course, the SEC may issue guidance outlining its approach to enforcing rulings on Bitcoin ETFs. It would serve as a framework for the approval of multiple Bitcoin ETFs by the end of the year.
Is the SEC’s judgment versus the grayscale behind this change in attitude?
We can trace this change in the regulator’s attitude to the recent court decision in the case of SEC versus Grayscale Investments.
Recall that in August 2023, the court ruled that the SEC’s decision to reject Grayscale’s application to convert its GBTC into a spot Bitcoin ETF was “arbitrary and capricious.”
It recently emerged that the SEC has decided not to appeal the court’s decision. The regulator will now have to reconsider its decision on the rejection of the application to hide GBTC to spot Bitcoin ETF.
Wood told the host that ARK Invest has set a decision deadline of January 10, 2024. Although ARK’s application is the first in the queue, Wood expected multiple ETFs to be approved at once.
Erroneous tweet sparks Bitcoin rally
In a related development, we witnessed BTC soar towards $30,000 on October 16. The trigger for this rally was an erroneous tweet from a leading crypto publication about the SEC’s approval of BlackRock’s spot Bitcoin ETF application.
The publication apologized for the mistake later; Fox Business journalist Eleanor Terrett confirmed that the application is still awaiting review.
NEW: Official statement to @FoxBusiness by @Black rock:
“The iShares Spot Bitcoin ETF is still under review by the SEC.”
—Eleanor Terrett (@EleanorTerrett) October 16, 2023
As a result, the price of BTC fell. At the time of writing, hands were exchanged for $28,150.
Source: BTC/USD, TradingView
