ARK's Cathie Wood: Ethereum Spot ETF Approved 'Out of the Blue' Due to US Election

ARK's Cathie Wood: Ethereum Spot ETF Approved 'Out of the Blue' Due to US Election

ARK Invest CEO Cathie Wood: At Consensus 2023, ARK Invest CEO Cathie Wood stated that the Ethereum spot ETF approval came "out of the blue." She attributes this to the influence of cryptocurrency as a key issue in the upcoming US election. Approval Process Irregularities and Political Influence: Wood highlighted that the Ethereum ETF approval process bypassed typical procedures. She believes that the absence of SEC requests for comments suggests a change in approach. According to Wood, this change coincides with increased support for cryptocurrency within the House of Representatives and former President Trump's recent pro-Bitcoin stance. Solana ETF Prospects and Wirehouse Restrictions: Wood commented on the possibility of a Solana ETF, acknowledging the interest but expressing doubt due to the reluctance of major wirehouses to approve anything beyond the leading cryptocurrencies. She emphasized that meme-coin funds are unlikely to gain approval. Significance of Cryptocurrency in the US Election: Cathie Wood's insights underscore the growing political significance of cryptocurrency in the US. The upcoming election is expected to further shape the regulatory landscape and influence the industry's future.