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Cathie Wood Reveals SEC’s Stance on ETFs for Altcoins
- Following Bitcoin’s ETF approval, the crypto industry anticipates Ethereum being the next contender.
- While expressing optimism for an Ethereum ETF, Cathie Wood (CEO of Ark Invest) doubts any coin besides BTC and ETH gaining SEC approval.
- Some analysts fear Gensler’s clear disdain for the crypto industry might impact a potential Ether ETF approval.
The crypto industry can never sit still. Barely a month has passed since the sector’s landmark moment – the SEC approving a spot Bitcoin ETF – and the attention of many has already turned to “what’s next?”. The logical step forward for the crypto industry seemed to be altcoins getting their own ETF, starting with Bitcoin’s long-time right-hand man, Ethereum (ETH). Although some experts are bullish on an Ether fund approval coming sometime in 2024, others are starting to get cold feet.
Cathie Wood “Surprised” If Altcoins See ETF Approval
An Ethereum ETF is the next cab off the rank, with the Securities and Exchange Commission set to decide on several filings by May 23rd…although knowing the regulatory body, further delays aren’t out of the question either. Franklin Templeton has joined the queue of institutions putting forward applications for an Ethereum ETF, which already includes Cathie Wood’s 21Shares and BlackRock.
In an appearance on the Wall Street Journal’s weekly podcast, Cathie Wood was cautiously optimistic about the prospects of the SEC approving an Ether ETF. However, her company’s stance was less bullish on other altcoins.
We’d be surprised to see anything but Bitcoin and Ether being approved by the SEC.
Cathie Wood Some analysts on X are even getting worried about the impending ETF decision, with the CEO of HeliosFund citing Gensler’s uncertainty when approving the Bitcoin fund as a bad omen.
However, a Bloomberg analyst who often made accurate predictions regarding the Bitcoin ETF cycle, James Seyffart, quickly and simply responded with a more positive outlook.
It’s definitely not 0%.
James Seyffart 
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
