Kathy Wood said the US is “losing” the Bitcoin (BTC) movement due to its regulatory system.
At Fortune’s “Most Powerful Next Gen” conference last week, Wood, the founder of asset manager Ark Investment Management, said the center of gravity for crypto assets was moving away from the United States, citing cryptocurrency exchange coin. As an example, Base has obtained a business license in the British Bermuda Islands and is also aiming to expand its business in Singapore.
Ark is known for regularly buying large amounts of Coinbase stock.
“It would be nice if the U.S. led this movement, but the regulatory system is losing it,” Wood said.
Frustration with the regulatory framework for cryptocurrencies in the United States, not to mention disputes with Coinbase and Ripple, has led the U.S. Securities and Exchange Commission (SEC) to impose special restrictions on the cryptocurrency industry beyond existing securities laws. This is largely due to the fact that we keep saying we don’t need frameworks.
Wood also said that Bitcoin “proves the concept,” referring to the dramatic collapse of FTX last year. So did this year’s banking crisis, which saw the failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank. Wood believes these crises highlight the dangers of centralization in the financial system, and that Bitcoin can counter the dangers.
“Bitcoin became popular primarily because many people supported the idea of a decentralized, transparent, and auditable monetary system. Born out of the financial crisis of 2009/2009.”
“And, very interestingly, to prove this concept, two more crises occurred last year because FTX’s failures were centralized, opaque, and impossible to audit.”
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Cathy Wood (Danny Nelson/CoinDesk)
｜Original: US Is ‘Losing’ the Bitcoin Movement: Cathie Wood