ARK Invest CEO and chief investment officer Cathie Wood is urging the U.S. to follow Hong Kong’s example in regulating cryptocurrencies.
Wood expressed the sentiment in a dialogue at the latest edition of the Hong Kong Web3 Festival, where she spoke on several key topics shaping the future of the blockchain and crypto industries.
During the conversation, she praised Hong Kong’s progressive policies, especially in fostering a conducive environment for crypto, contrasting the special administrative region’s swift responses to market demands with the regulatory uncertainties faced by the U.S.
She especially singled out Hong Kong’s regulatory agencies for their effective management structure in facilitating the trading of virtual assets and commended the Securities and Futures Commission (SFC) for providing comprehensive regulatory frameworks and mechanisms for institutional supervision.
Wood acknowledged Hong Kong’s rapid development compared to the U.S., particularly in terms of policy leadership and support for innovative technology and entrepreneurship.
Wood suggests that the U.S. could learn from Hong Kong on how to address regulatory uncertainties and support blockchain practitioners better.
She termed the recent approval of 11 spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) as a historic milestone, which has led to increased efforts in marketing, investor education, and training.
Wood also noted that many U.S. customers are now recognizing the investment potential across virtual assets, with growing institutional and investor interest in allocating funds to these areas for hedging purposes.
While acknowledging the risks associated with Bitcoin, including volatility in bull and bear markets, Woods maintained that the cryptocurrency’s price could rise to $1.5 million by 2030, partly attributing this projection to the adoption of Bitcoin spot ETFs.
Wood also emphasized the impact of web3 on various sectors, highlighting the potential for cross-border innovation and widespread accessibility. She also remarked on AI integration into blockchain technology, saying she foresees significant advancements in certain areas (i.e., gaming and crypto assets), citing examples like Sony’s investment in games and Polygon’s initiatives in blockchain.
This news is republished from another source. You can check the original article here