Cathie Wood's Ark Sees 'Great Legislative Breakthroughs' For Crypto If FIT21 Sails Smoothly In Senate And Ethereum ETFs Start Trading

Cathie Wood-led Ark Invest hailed the bipartisan support extended to the recently passed cryptocurrency bill in the House of Representatives, terming the development at the peak of the election campaign striking.

What Happened: In its weekly innovation newsletter, the firm noted that the "surprising" win could pave the way for an elaborate regulatory framework governing digital assets in the country.

"If FIT 21 makes its way to the U.S. Senate and Ethereum ETH/USD ETFs begin trading during the next few weeks, the digital assets industry seems poised for some of the greatest legislative breakthroughs to date," Ark said.

Why It Matters: The Financial Innovation and Technology for the 21st Century Act, colloquially dubbed as "FIT21," was passed by a 279-136 majority, with as many as 71 Democrats crossing party lines to support the Republican-led legislation. 

The White House said that it won't veto the bill despite flagging specific concerns with some clauses of the bill

In an interview with Benzinga, Ark Invest founder Wood said that cryptocurrencies, especially Bitcoin BTC/USD, could become a major poll issue leading to the presidential elections.

Wood said she knew of some young people who shifted their political allegiance from Democrat to Republican over cryptocurrency stances, something politicians and parties should be watching.

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