Cathie Wood, CEO of ARK Invest, believes that Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), is delaying the approval of a spot Bitcoin ETF in order to protect the traditional financial system. Wood argues that Gensler is concerned about the potential impact of a spot Bitcoin ETF on the stability of the financial system. She believes that Gensler is worried that a spot Bitcoin ETF would make it easier for investors to access Bitcoin, which could lead to a surge in Bitcoin prices and volatility.