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Cathie Wood: Gary Gensler’s political ambitions are the reason Bitcoin spot ETFs are blocked

Cathie Wood, CEO of ARK Invest, said in an interview with CNBC that it is difficult to come up with a reasonable explanation for SEC Chairman Gary Gensler's opposition to spot ETFs for Bitcoin, given his extensive knowledge of Bitcoin. Prior to serving as SEC Chairman, Gensler taught cryptocurrency and blockchain courses at the Massachusetts Institute of Technology (MIT).

Later, Cathie Wood mentioned that people "speculate" that Gensler wants to be the US Treasury Secretary, and that the Treasury Secretary needs to "pay close attention to the US dollar," implying that Gensler's ambition to become Treasury Secretary may be the real reason why Bitcoin spot ETFs are being blocked.

Cathie Wood also predicted that spot ETFs will eventually be approved and said that the market capitalization of cryptocurrencies will increase from the current $1 trillion to $25 trillion by 2030.

Currently, the SEC is reviewing Bitcoin spot ETF applications from multiple companies, including ARK Invest. (CoinDesk)

ETF Gary Gensler Cathie Wood
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