Cathie Wood: The approval of the Ethereum spot ETF application may be due to cryptocurrency being an election issue

ChainCatcher news, according to CoinDesk, ARK Invest CEO and Chief Investment Officer Cathie Wood stated at the Consensus conference that the approval of the Ethereum spot ETF application was due to cryptocurrency being an election issue. "The interpretation at the time was that it would not be approved, absolutely not. If it were approved in the usual way, we would be questioned by the U.S. Securities and Exchange Commission (SEC). But before that, no one had received inquiries from the SEC."

She mentioned that the sentiment in the House around the Financial Innovation and Technology for the 21st Century Act (FIT21) is changing, as the bill was passed last week with bipartisan support, indicating that this could be an election year issue.

Additionally, she stated that ARK Invest will allocate a certain percentage of its private fund income to support Bitcoin developers, ensuring that they receive ongoing support regardless of whether the ETF is profitable or not.