Billionaire Cathie Wood Discloses the True Reason for the Approval of Ethereum Spot ETFs and the Likelihood of Solana ETFs Getting Approved
Cathie Wood, the CEO of ARK Invest, has revealed the surprising reason behind the sudden approval of the proposed Ethereum Spot ETFs. Speaking at the Consensus 2024 event, Wood expressed her astonishment at the approval, stating that it was initially believed to be impossible. She pointed out the absence of the usual SEC inquiries in the approval process.
Wood, who also holds the position of Chief Investment Officer at ARK Invest, highlighted the changing sentiment towards the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House of Representatives. This bipartisan legislation, passed recently, demonstrates the growing significance of cryptocurrencies as an election-year issue.
Wood also touched upon the political aspect, mentioning former President Trump’s positive stance towards Bitcoin and other cryptocurrencies. “This week, he announced that he would accept campaign donations in crypto,” Wood revealed, indicating a shift in the administration’s attitude.
While Wood believes that there is a possibility of a Solana ETF being approved, she expressed doubts about meme coin-focused funds. According to Wood, major brokerage firms and investment advisory firms are unlikely to embrace anything beyond “core holdings.”
Please note that this article does not provide investment advice.
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