- The SEC has not approved the much-anticipated Bitcoin ETF, countering earlier expectations.
- Following a possible insider hack of the SEC’s account, the final decision on the Bitcoin ETF has been deferred to Monday, adding to the market’s uncertainty.
Prior to the SEC’s deadline for ETF approval, a significant incident occurred: the SEC’s official Twitter account was hacked, erroneously announcing the approval of a spot Bitcoin ETF. This has sparked serious rumors and confusion within the crypto community. While some believe this was an insider’s mistake, others argue it was an official message released too early.
The Chair of the SEC, Gary Gensler, responded quickly, stating that their Twitter account had been compromised and an unauthorized tweet was posted. He confirmed via his X account, that the SEC has not approved any spot bitcoin exchange-traded products.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
Assessing the Impact of the Premature ETF Approval Tweet
Exploring the authenticity and implications of the mistakenly released tweet, Bloomberg’s Senior ETF Analyst, Eric Balchunas, commented that the content sounded authentically SEC-like. He speculated that someone might have prepared a planned tweet with an incorrect date, as it would have made sense if posted a day later.
On TV right on talking about this.. and yes, I think someone prepped a planned tweet and put wrong date, bc the tweet would have made PERFECT sense tomorrow at this time. The language sounds legit SEC-ish IMO vs a crypto knucklehead pulling a prank but I guess we’ll see.. https://t.co/lP6Nghi6fq
— Eric Balchunas (@EricBalchunas) January 9, 2024
The SEC Hack: A Potential Catalyst for ETF Approval Delays
The hacking incident raises concerns about its possible impact on delaying the approval of a spot bitcoin ETF. Nate Geraci, President of ETF Store, expressed his concerns that the SEC “hack” could lead to a delay in the approval process. He stressed the existence of a hard deadline and the need to adhere to regulatory processes, regardless of accidental tweets.
Fwiw, at least one prospective spot bitcoin ETF issuer is concerned SEC “hack” could result in approval delay…
My take? There’s a *hard* deadline tomorrow. All indications point toward approval.
There’s a regulatory process to follow here. That doesn’t involve X.
via @Reuters pic.twitter.com/O1hiV2mI4z
— Nate Geraci (@NateGeraci) January 10, 2024
As previously reported by Crypto News Flash (CNF), the SEC’s decision on the Bitcoin ETF was widely expected to occur on January 10th. In light of the recent hacking incident, there is speculation that this event could be a factor in the postponement of the decision to Monday.
However, it is important to note that such developments, while impactful in the short term, are unlikely to have a substantial effect on the overall timeline of the SEC’s decision-making process. This perspective aligns with the broader understanding that regulatory bodies often navigate through unexpected challenges while maintaining their procedural course.
Amidst these developments, Bitcoin’s price experienced notable volatility. Initially, it surged to a high of $47,800, followed by a significant drop. As of this writing, BTC’s price has experienced a surge and a subsequent drop. Currently, as illustrated by the graph below, Bitcoin is priced at $45,897.23, reflecting a decrease of 1.95% over the last 24 hours and a climb of 1.21% over the past week.
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