key takeaways
-
Cathy Wood has stated that she believes the United States is losing out on the bitcoin movement because of the regulatory system.
-
He said that the collapse of FTX proved the concept of bitcoin.
-
Cathy Wood’s Ark Invest is one of the main investors in Coinbase.
Cathy Wood says America is being left behind
Arch Invest founder Cathy Wood has said that the United States is behind the bitcoin movement because of the regulatory system. He said this last week while speaking at Fortune’s Most Powerful Next Generation conference.
According to the founder of Arc Invest, the center of gravity of cryptocurrencies is shifting away from the United States. He cited the example of Coinbase obtaining a license to operate in Bermuda while expanding its operations in Singapore. he said that;
“It would be nice if America was leading this movement, but we’re missing it, and we’re missing it because of our regulatory system.”
The Securities and Exchange Commission (SEC) has been cracking down on cryptocurrency companies in recent months. regulatory body Wales notice issued to CoinbaseIt shows that it is watching the activities of the crypto exchange.
Ark Invest continues to invest in Coinbase despite the regulatory climate in the United States. investment management firm bought for $8.6 million The value of Coinbase shares last month after the crypto exchange sued the SEC.
FTX collapse proved bitcoin’s concept
The collapse of FTX last year was one of the biggest in the history of the cryptocurrency space. The collapse has resulted in regulatory agencies such as the SEC focusing more of their attention on the crypto market.
The SEC says existing securities laws cover the crypto market, and there is no need for a new regulatory framework for the industry.
According to Cathy Wood, the collapse of FTX last year proved bitcoin’s concept, as did the banking crisis this year. She said the collapse points to the dangers of centralization in the financial system. he said that;
“The reason for its adoption is, first of all, that many people like the idea of a decentralized, transparent, auditable monetary system. It was born out of the 2008/2009 crisis when people lost trust in financial services. And many Interestingly, two more crises occurred within the last year to prove this concept. FTX failed because it was centralized, opaque, and not auditable.
Bitcoin is up over 50% since the beginning of the year and is currently trading above $26k per coin.