Ark sees US 'attempts to wound' bitcoin hurting long-term interests

Ark Invest Chief Futurist Brett Winton thinks the U.S. would be better served to embrace bitcoin rather than trying to keep a tight rein on the digital currency.

"The U.S. attempts to wound bitcoin come at the expense of U.S. long-term strategic interests," he wrote Tuesday on the social network formerly known as Twitter.

"Trying to kill bitcoin because it threatens the supremacy of the U.S. dollar system is like trying to kill language translation technology because it threatens the supremacy of English," he continued.

The comments came just days after the Securities and Exchange Commission delayed decisions on spot bitcoin ETF applications from asset managers including BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco and Valkyrie into the second half of October. The regulator had moved to delay a similar fund sought by Ark and 21Shares earlier in August.

Amid the regulatory uncertainty, some analysts and even a federal judge have suggested that a solution might have to come from Congress, which is coming back from a long summer recess. Efforts for new stablecoin legislation and crypto rules that could outline how a security can transition into a commodity have so far been slow-moving.

'Power law advantage'

Ark's Winton compared moves to thwart bitcoin's rise to going after language translation technology "because it threatens the supremacy of English."

"Both technologies, at more frictionless adoption, tend to steepen the power law advantage that the English/dollar system already enjoys," he wrote on X. "Everything else becomes commoditized/intechangeable."