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Cathie Wood Says US Is Losing the Bitcoin Movement Due to Regulatory System

According to Cathie Wood, founder of ARK Invest, the US is falling behind in the bitcoin movement due to its regulatory system. Wood noted that the center of gravity for cryptocurrency is shifting away from the US, citing examples such as Coinbase receiving licensing to operate in Bermuda and expanding its presence in Singapore. Wood expressed frustration with the Securities and Exchange Commission (SEC) for not providing a bespoke framework for the industry beyond existing securities laws. She also referenced the collapse of FTX and recent banking crises as proof of the dangers of centralization in financial systems, which bitcoin counters.

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