The CEO and chief investment officer of ARK Invest, Cathie Wood, is advising American officials to model its cryptocurrency laws after those of Hong Kong. Wood said these things while speaking on important subjects influencing the direction of the blockchain and cryptocurrency industries at the Hong Kong Web3 Festival.
Wood praised Hong Kong’s progressive mindset and compared it to the regulatory uncertainty that exists in the US. She praised Hong Kong’s regulatory agencies in particular for effectively overseeing the trade of virtual assets, praising the Securities and Futures Commission (SFC) in particular for its excellent institutional supervision systems and regulatory frameworks.
Hong Kong’s Wood Emphasizes U.S. Progress
Wood underlined the necessity for American authorities to imitate Hong Kong’s strategy in order to resolve regulatory issues and strengthen support for blockchain innovation, pointing out that Hong Kong has advanced more quickly than the United States. She praised the U.S. Securities and Exchange Commission’s (SEC) approval of eleven spot Bitcoin exchange-traded funds (ETFs) as a major victory that prompted greater marketing, investor education, and training programs.
Wood also mentioned the growing institutional and investor interest in virtual asset investments as a hedging strategy, as well as the growing identification of these opportunities among US customers. Wood was enthusiastic about Bitcoin even though he acknowledged its volatility, estimating that its price would reach $1.5 million by 2030 and partially attributing this prediction to the emergence of Bitcoin spot ETFs.
Apart from cryptocurrencies, Wood emphasized the revolutionary influence of web3 in several domains, stressing its capacity for international innovation and wide accessibility. She also talked about how AI would be used into blockchain technology, predicting big developments, especially in the gaming and cryptocurrency industries. She gave examples from Polygon’s blockchain projects and Sony’s gaming investments.
