Cathie Wood predicts SEC simultaneously allowing multiple spot crypto ETFs: Report

ARK Investment Management founder and CEO Cathie Wood reportedly predicted that the United States Securities and Exchange Commission (SEC) could move ahead with multiple spot Bitcoin exchange-traded funds (ETFs) at the same time. Wood made the forecast during an Aug. 7 interview with Bloomberg, claiming the SEC would ultimately approve “more than one [ETF] at once”. Substantiating her viewpoint, ARK Invest pitched in a modified Bitcoin ETF application proposal which encompassed a surveillance-sharing agreement in June.

Meanwhile, the industry saw Grayscale legally address the SEC over purportedly denying its Bitcoin Trust ETF registration bid, expressing disapproval to legislation of one Digital Asset’s spot Bitcoin ETF favoring other. The Grayscale squad further asked the SEC confirm all banked spot Bitcoin ETFs at the same time to hedge any undue advantage one Exchange-Traded Fund may have over the other.

Having yet to approve any spot crypto Exchange-Trade Funds (ETFs) requests, the SEC is still mulling applications via registered firms including Invesco, BlackRock, Wisdom, Fidelity and ARK Invest. As Wood specified, the market regulatory will likely prolong ARK’s filing deadline of its ETF application until May 2023, with a total limit duration of 240 days – until January 2024 when a ultimate judgement has to be made. Unsurprisingly, mutual approval of BlackRock – one of the world’s biggest buying and selling juggernauts in Asset Management – has swathed the initiative in another downstream vane of publicity, with reports burgeoning from outlets in Canada green-lighting managed Crypto Exchange-Trade Funds (ETFs). Everywhere buzz about Hong Kong area’s crypto ETF sizzling up, Binance warning consumers on customary mavericks indulging in FOMO and Poly network becoming attacked: Across-the-board Asian presentiment.