Cathie Wood attributes approval of Ethereum ETFs to crypto’s significance in US election.

ARK Invest CEO Cathie Wood has emphasized that the cryptocurrency sector has become a topic of interest in the upcoming US presidential election. Wood believes that candidates are seeking industry support to secure victory in the November elections. Wood explained that the recent approval of exchange-traded funds (ETFs) for Ethereum by regulators is a result of the sector’s growing importance in the election. In an interview with Peter McCormack on the podcast What Bitcoin Did, Wood stated that the approval came as a surprise, as it was initially expected to be rejected. Wood also noted the shift in sentiment towards cryptocurrency regulation in the US government, particularly with the passage of the Financial Technology and Innovation Act for the 21st Century (FIT21). Additionally, Wood mentioned that former president and current candidate Donald Trump has changed his campaign strategy and embraced cryptocurrencies, even accepting campaign donations in crypto. The upcoming presidential debate between Joe Biden and Donald Trump on June 27th is expected to further highlight the role of cryptocurrencies in American politics.