ARK Invest’s Cathie Wood says the Biden Administration’s abrupt escalation against the crypto industry will have consequences at the ballot box.
In a new interview with economist Arthur Laffer, Wood says there is no doubt that the approximately 50 million Americans who own Bitcoin and crypto assets are closely watching recent moves from the White House.
Wood says the administration’s actions and the language in a new economic report suggest President Biden fears crypto and does not support American businesses involved in the industry.
“I don’t know if you saw the President’s annual economic report. It came out a couple of days ago and it went after crypto. Big time.
They saw no role for [crypto]. Well, it has to be somewhat threatening [for the report to be so negative]…
I honestly think – and we’re seeing with young people especially – this is going to become a national election issue.”
President Biden’s 2023 crypto crackdown includes SEC confrontations with the US-based crypto companies Genesis, Kraken, and Coinbase.
The administration also shuttered crypto-friendly banks Silvergate and Signature Bank, with former Congressman Barney Frank stating Signature Bank was specifically shut down to send a message on crypto.
Wood says the SEC’s apparent intention to sue the US-based crypto exchange Coinbase will ultimately bring clarity to the industry.
She believes the potential lawsuit could bring the issue of whether Americans should be able to freely trade and hold crypto assets all the way to the Supreme Court.
“The SEC issued Coinbase a Wells Notice, and so we’re getting a sense of how they’re going to come at Coinbase.
But Coinbase has been preparing for this. So I think this is going to go to the courts, and the courts will give it to Congress where it should be.
And I think [Coinbase is] willing to take this all the way to the Supreme Court, but in the interim I think this becomes a national election issue.”
You can check out the full interview here.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Featured Image: Shutterstock/A. Solano