Kathleen Moriarty, who was instrumental in directing the setup of exchange traded funds (EFTs) from a legal perspective in the early 1990s, is supporting a bitcoin ETF, which she is optimistic about, according to The Wall Street Journal.
An ETF is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a stock on a stock exchange.
The ‘Spider Woman’
Moriarty’s understanding of the complex rules governing financial products and markets has earned her the nickname “Spider Woman.” She helped launch the largest U.S.-listed ETF, the SPDR SP 500 ETF. Her most recent challenge is to convince regulators on the appropriateness of a bitcoin ETF.
Convincing regulators to approve ETFs today is a challenge, given the EFT explosion and their role in last August’s market meltdown.
Moriarty, a partner at Kaye Scholer LLP in New York City, noted she tends to focus on more exotic products.