Ark Invest's fund manager, Cathie Wood, offered her take on the recent perils surrounding an approval of a Bitcoin ETF. This was shared by Bloomberg analyst Eric Balchunas op X.

Wood is currently working with the U.S. Securities and Exchange Commission (SEC) on details of their Bitcoin ETF application.

In doing so, she praised the knowledge and openness of the US Securities and Exchange Commission. At the same time, however, she hinted that Gary Gensler, was the only reason for the delays so far.

Here's some notable non-fake news: Cathie Wood saying the SEC staff (who is curr engaging w spot issuers for first time ever) "understands bitcoin and its merits" and that it was just Gary standing in way (which is what we sensed as well) via intv w/ @natbrunell pic.twitter.com/joRxdL8q3v
— Eric Balchunas (@EricBalchunas) October 16, 2023

The U.S. Securities and Exchange Commission understands "Bitcoin and its merits." Only Gary Gensler stands in the way of a Bitcoin spot ETF in the U.S., according to Balchunas.

This puts Gensler back in the spotlight for his questionable leadership style as head of the SEC.

Meanwhile, even the U.S. Congress is putting more pressure on the official. Some MPs recently urged insisted on approval of the Bitcoin ETF and even threatened Gensler with an investigation.

A court ruling in the case Grayscale against the SEC additionally ruled that Gensler's authority was "arbitrary and capricious" in handling Bitcoin ETF applications.
But even beyond his knowledge of crypto, Gensler apparently does not make a good impression, as it turns out.

According to report in the Wall Street Journal (WSJ), Gensler's SEC allegedly covered up an internal data breach. As a result, a hedge fund manager filed a complaint with the Supreme Court. He challenged the "constitutionality of the structures and procedures at the SEC." The SEC lacked accountability, the WSJ concluded.