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US is losing the Bitcoin movement, says Cathie Wood

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  • Kathy Wood said she believes the US is losing bitcoin momentum because of the regulatory regime.

  • She said the collapse of FTX proved the concept of Bitcoin.

  • Cathie Wood’s Ark Invest is one of Coinbase’s major investors.

America is being left behind, says Kathy Wood

Ark Invest founder Cathy Wood said the US is behind the Bitcoin movement because of its regulatory regime. She mentioned this last week during a talk at Fortune magazine’s “Most Powerful Next Gen” conference.

The center of gravity for cryptocurrencies is moving away from the United States, according to the founder of Ark Invest. He cited the example of Coinbase acquiring a license to operate in Bermuda while expanding its operations in Singapore. she said:

“We wish the United States had led this movement, but we are losing it, and we are losing it because of our regulatory system.”

The Securities and Exchange Commission (SEC) has been cracking down on cryptocurrency companies in recent months.Regulatory authority Issued Wells Notice to Coinbaseindicating that we are investigating the activity of cryptocurrency exchanges.

Despite the US regulatory environment, Ark Invest continues to invest in Coinbase. Investment management company Purchased $8.6 million Coinbase shares worth were sold last month after the crypto exchange sued the SEC.

FTX Crash Proofs Bitcoin Concept

Last year’s FTX bankruptcy was one of the biggest in the history of the cryptocurrency industry. The bankruptcy prompted regulators such as the SEC to pay more attention to the cryptocurrency market.

The SEC argues that existing securities laws cover the cryptocurrency market and the industry does not need a new regulatory framework.

According to Kathy Wood, last year’s FTX collapse was a proof of concept for Bitcoin, as was this year’s banking crisis. He said the collapse showed the dangers of centralization in the financial system. she said:

“The reason it was adopted is, first of all, that many people like the idea of ​​a decentralized, transparent and auditable monetary system. It was born in the wake of the 2008-2009 crisis that just completely lost it, and interestingly enough, there were two more crises over the last year before the concept was proven. FTX failed because it was centralized, opaque, and unauditable.”

Bitcoin is up more than 50% year-to-date and is currently trading above $26,000 per coin.

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