In a recent interview with WSJ's Take On the Week podcast, Cathie Wood, founder of ARK Investment Management, shared her views on the future of cryptocurrencies in the exchange-traded funds (ETFs) space.
Wood expressed skepticism about the Securities and Exchange Commission (SEC) approving spot exchange-traded funds that include cryptocurrencies other than Bitcoin and Ethereum. “We would be surprised to see anything other than Bitcoin and Ethereum approved by the SEC,” he said.
Wood's comments came just as the price of Bitcoin surpassed $50,000. However, the SEC is likely to approve an Ethereum ETF in May. However, the SEC's support of the Prometheum platform, which plans to sell Ethereum as a security, raises doubts about the process of accepting ETH as a commodity.
While the cryptocurrency market is waiting for spot ETF applications in altcoins such as Solana, XRP, Cardano, the SEC accepts that all cryptocurrencies except Bitcoin and Ethereum are securities. That's why other assets are less likely to own a spot ETF.
*This is not investment advice.