According to a report by CoinDesk, Cathie Wood, the founder of asset management company ARK Invest, stated that cryptocurrency has now become a topic in the US election, which is the reason why the key document for the application of an Ether spot ETF suddenly received approval.
During an interview at the “Consensus 2024” event, Wood stated that the sentiment in the House of Representatives has changed regarding the “Financial Innovation and Technology Act of the 21st Century” (FIT21). The bill was passed last week with bipartisan support, indicating that it could become an election year issue. Wood also pointed out that former US President Donald Trump has become more favorable towards Bitcoin and cryptocurrencies. He recently expressed his willingness to accept cryptocurrency campaign donations, which caught the government’s attention.
Wood also mentioned that while there may be a Solana ETF approved in the future, funds mainly focused on memecoins are unlikely to be approved because wirehouses, large brokerage and investment advisory firms, do not accept cryptocurrencies other than mainstream ones.
Benefiting from the progress in the approval of the Ether spot ETF, Ether (ETH) has recently become the focus of the market. However, when asked whether she prefers to hold Bitcoin or Ether, Wood remains firm in her position on Bitcoin. Wood stated:
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