Odaily News ARK Invest CEO and Chief Investment Officer Cathie Wood said at the 2024 Consensus Conference that the Ethereum spot ETF application was approved because cryptocurrency was an election issue. She said in an interview: "The interpretation at the time was that it would not be approved, absolutely not approved. If it was approved in the usual way, we would be questioned by the US SEC. But before that, no one received such inquiries." Wood also said that the mood in the House of Representatives around the Financial Innovation and Technology Act of the 21st Century (FIT21) is constantly changing. The bill was passed last week with bipartisan support, indicating that this may be an election year issue. In addition, she said that ARK Invest will allocate a certain percentage of private equity fund income to support Bitcoin developers to ensure that they receive continued support regardless of the profitability of the ETF. Wood added that while the Solana ETF may be approved, funds focusing on Meme coins are unlikely to be approved because large brokerage institutions and investment advisory firms will not accept funds other than "the majors." (CoinDesk)