SEC’s Bitcoin ETF Decision Remains Firm Amid X (Twitter) Hacking Incident
The United States Securities and Exchange Commission (SEC) is forging ahead with its plans to render a decision on spot Bitcoin exchange-traded funds (ETFs) despite facing a setback due to a recent social media hack. The agency’s official account, ‘SEC’s X,’ was compromised on January 9, resulting in a misleading post that briefly shook the markets and social media platforms.
The hack orchestrated on the SEC’s social media platform triggered an erroneous announcement claiming the approval of spot Bitcoin ETFs in the United States. Although swiftly deleted within a span of 20 minutes, the message propagated chaos across various channels. The SEC promptly announced its collaboration with law enforcement agencies to investigate the breach and address its implications.
Speculations emerged regarding the potential influence of this incident on the scheduled decision concerning spot Bitcoin ETFs, which was anticipated to take place on January 10. Concerns were raised among some commentators, speculating that this blunder might provide grounds for a delay in the decision-making process. Dennis Porter, CEO of Satoshi Action Fund, expressed this sentiment, suggesting that if the SEC intends to prolong the ETF process, they could leverage this incident as a pretext for stalling.
What if this was an inside job? Is the only way to stop or delay a Bitcoin ETF is to create an event like this?
It would be unreasonable to delay… and this event should change nothing IMO. However, nothing surprises me anymore.
Or did the message just get published early?
— Gabor Gurbacs (@gaborgurbacs) January 9, 2024
However, despite these concerns, insider insights and industry experts remain optimistic about the SEC’s adherence to the original timetable. Porter indicated that his sources continue to signal towards the green light for spot Bitcoin ETF applicants on January 10. Bloomberg’s ETF analyst, Eric Balchunas, echoed this sentiment, predicting the official approval window for spot Bitcoin ETFs to fall between 4:00 pm to 5:00 pm Eastern Time (9:00 pm to 10:00 pm UTC) on January 10.
But no worries, we are looking for approval tomorrow bt 4-5pm and launches on Thursday.
— Eric Balchunas (@EricBalchunas) January 9, 2024
The SEC’s resilience in proceeding with its scheduled decision amid the social media account breach highlights the agency’s commitment to maintaining operational integrity and adhering to predetermined timelines. The investigation into the hack remains ongoing, but the regulatory body appears resolute in maintaining the sanctity of its decision-making process regarding spot Bitcoin ETFs.
While the hack momentarily stirred uncertainty, the prevailing consensus among industry figures and analysts suggests that the SEC’s decision on spot Bitcoin ETFs remains steadfast, with expectations aligned for a favorable outcome within the anticipated timeframe.
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