The Biden administration’s crypto actions will have electoral consequences, according to ARK Invest’s Cathie Wood
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 50 million or so Americans who own Bitcoin and cryptoassets are paying close attention to the latest moves from the White House.
Wood says the administration’s actions and the language of 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, that must be a little threatening [for the report to be so negative]…
I honestly think – and we’re seeing especially with young people – this is going to be a national election issue.”
President Biden’s 2023 crypto includes SEC confrontations with US-based crypto companies Genesis, Kraken and Coinbase.
The administration also shut down crypto-friendly banks Silvergate and Signature Bank, with former Congressman Barney Frank saying that Signature Bank was specifically shut down to send a message about crypto.
Wood says the SEC’s apparent intention to sue US-based crypto exchange Coinbase will finally bring clarity to the industry.
She believes the potential lawsuit could take the question 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 get at Coinbase.
But Coinbase has prepared 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 meantime I think this will be a national election issue.”
You can check out the full interview here.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/A. Solano
