Cathie Wood attributes approval of Ethereum ETFs to crypto’s impact on US election

Cathie Wood, CEO of ARK Invest, has emphasized that the cryptocurrency sector has become a focal point in the upcoming US presidential election. With candidates seeking industry support to secure victory in November, Wood believes that the sudden approval of Ethereum exchange-traded funds (ETFs) by regulatory authorities is directly linked to the election. In an interview with Peter McCormack on the podcast What Bitcoin Did, Wood revealed that the industry was initially skeptical about the approval, as they expected it to be denied. However, the lack of questions from the SEC prior to the approval was a clear indication that the industry’s status had changed. Wood also pointed out the conflicting views within the US government regarding cryptocurrency regulation, citing the shift in sentiment around the FIT21 Act. While the Biden administration was against the bill, the White House did not plan on vetoing it, revealing a divergence in opinions. Furthermore, Wood highlighted Donald Trump’s altered stance on cryptocurrencies, noting that he had embraced them and even accepted campaign donations in crypto. The article concludes by mentioning the upcoming presidential debate between Biden and Trump, which is expected to be crucial given the exclusion of third candidate Robert F. Kennedy Jr.