The much-anticipated approval of the Bitcoin ETF by the Securities and Exchange Commission (SEC) has been deferred, contrary to earlier expectations. This decision follows a potential insider hack of the SEC’s account, which has added to the market’s uncertainty.
Before the SEC’s deadline for ETF approval, the SEC’s official Twitter account was hacked, erroneously announcing the approval of a spot Bitcoin ETF. This incident has sparked serious rumors and confusion within the crypto community. Some believe this was an insider’s mistake, while others argue it was an official message released too early. Gary Gensler, the Chair of the SEC, responded quickly, stating that their Twitter account had been compromised and an unauthorized tweet was posted. He confirmed that the SEC has not approved any spot bitcoin exchange-traded products.
Eric Balchunas, Bloomberg’s Senior ETF Analyst, commented on the authenticity and implications of the mistakenly released tweet. 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.
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.
As previously reported, 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, 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.
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, 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.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Gary Gensler, Nate Geraci, Eric Balchunas |
| Companies | Bloomberg, Securities and Exchange Commission, ETF Store, Reuters, Crypto News Flash |
| Currencies | Bitcoin |
| Securities | None |
