According to the CoinDesk report, Cathie Wood, the founder of asset management firm ARK Invest, stated that cryptocurrency has now become a topic in the US election, which is why the key document for the Ethereum spot ETF application unexpectedly received approval.
During an interview at the “Consensus 2024” event, Wood stated that the sentiment around the “Financial Innovation and Technology Act of the 21st Century” (FIT21) in the House of Representatives has changed. The bill was passed last week with bipartisan support, indicating that it may become an election year issue. Wood also pointed out that former US President Donald Trump has become more favorable towards Bitcoin and cryptocurrencies, as he recently announced his acceptance of cryptocurrency campaign donations, which caught the government’s attention.
Wood also mentioned that although there may be a Solana ETF approved in the future, funds primarily focused on memecoins are unlikely to be approved as wirehouses, large brokerage and investment advisory firms, do not accept cryptocurrencies other than mainstream ones.
Bitcoin vs Ethereum
Thanks to the progress made in the approval of the Ethereum spot ETF, Ethereum (ETH) has recently gained market attention. However, when asked about her preference between Bitcoin and Ethereum, Wood remains steadfast in her position on Bitcoin.
Wood stated:
