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Cathie Wood, the founder of investment manager ARK Invest, expressed her belief that the United States is falling behind in the bitcoin movement due to its regulatory framework.
During her appearance at Fortune's Most Powerful Next Gen conference last week, Wood elaborated on the shifting locus of cryptocurrency away from the United States, citing the case of cryptocurrency exchange Coinbase (COIN) acquiring licensing to operate in Bermuda and actively seeking opportunities to expand its footprint in Singapore.
In the realm of cryptocurrencies, ARK Invest has gained a prominent reputation for consistently placing substantial orders for COIN stock.
"It would be nice if the U.S. were leading this movement, but we're losing it, and we're losing it because of our regulatory system," Wood said
Frustration regarding the regulatory landscape of cryptocurrencies in the United States primarily stems from the Securities and Exchange Commission's (SEC) stance that the industry does not necessitate a specialized framework apart from the existing securities laws. This sentiment is further compounded by ongoing disagreements with Coinbase and Ripple.
Cathie Wood also pointed to the significant downfall of crypto exchange FTX last year as evidence that proved the viability of Bitcoin. Additionally, she highlighted the recent banking crisis involving Silicon Valley Bank, Silvergate, and Signature, emphasizing how these events reinforced the risks associated with centralized financial systems, a notion that contrasts with the principles upheld by Bitcoin.
"The reason it’s adopted is, first of all, many people like the idea of a decentralized, transparent, auditable monetary system. It was born out of the 2008/2009 crisis, when people just lost all trust in financial services," she said.
"And, very interestingly, it took another two crises within the last year to prove the concept. FTX failed because it was centralized, opaque, and not auditable."