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Ark Investment Management CEO Cathie Wood says Gary Gensler ‘denigrated the whole crypto space’ with his latest statement.
Speaking in an <a href="https://www.bloomberg.com/news/articles/2024-01-11/cathie-wood-says-gensler-denigrated-crypto-with-his-statement" target="_blank" rel="noopener noreferrer nofollow">interview</a> with Bloomberg on Jan. 11, Ark Investment Management founder and CEO <a href="https://crypto.news/tag/cathie-wood/" target="_blank" rel="noopener noreferrer nofollow">Cathie Wood</a> criticized the head of the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>), saying the latest statement about cryptocurrencies “denigrated” the whole industry.
<blockquote class="wp-block-quote">
 “He just denigrated the whole crypto space. I couldn’t believe it. This is par for the course in disruptive innovation.”
 Cathie Wood
</blockquote>
Wood’s comments were prompted by Gensler’s continued skepticism towards cryptocurrencies, even after granting approval for spot Bitcoin exchange-traded funds (ETFs). Gensler, who has been <a href="https://crypto.news/tag/gary-gensler/" target="_blank" rel="noopener noreferrer nofollow">consistently critical</a> of cryptocurrencies since taking charge at the helm of the U.S. financial regulator, reiterated in his latest <a href="https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023" target="_blank" rel="noopener noreferrer nofollow">statement</a> that the SEC “did not approve or endorse Bitcoin.”
You might also like: <a href="https://crypto.news/cathie-wood-bitcoin-is-the-only-asset-to-store-for-the-next-10-years/" rel="noopener noreferrer nofollow"> Cathie Wood: “Bitcoin is the only asset to store for the next 10 years” </a>
<blockquote class="wp-block-quote">
 “While we approved the listing and trading of certain spot Bitcoin ETP shares today, we did not approve or endorse Bitcoin. Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.”
 Gary Gensler
</blockquote>
Despite Gensler’s negative stance, Cathie Wood believes that the approval of spot Bitcoin ETFs marks a significant development for the largest cryptocurrency by market capitalization. She emphasizes that institutions will now need to navigate and adapt to the new regulatory framework with increased diligence.
As previously <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" rel="noopener noreferrer nofollow">reported</a> by crypto.news, the SEC gave the green light to multiple spot <a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> on Jan. 10, including the one jointly filed by Ark and 21Shares. The approval paves the way for ETFs to commence trading on the CBOE from 9 am on Jan. 11, coinciding with the opening of the U.S. stock market.
Read more: <a href="https://crypto.news/cathie-wood-spot-bitcoin-etf-seen-as-ultimate-endorsement-for-institutional-investors/" rel="noopener noreferrer nofollow"> Cathie Wood: spot Bitcoin ETF seen as ultimate endorsement for institutional investors </a>

Ark’s Cathie Wood condemns SEC Chair, says Gensler ‘denigrated’ crypto

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