After the X account hacking scandal, will the SEC deny or delay approval of a Bitcoin ETF spot?

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Currently, the cryptocurrency community is worried that the SEC will use the X account hacking scandal as an excuse to continue to delay the approval of the Bitcoin ETF Spot.

In the early morning of January 10, after the SEC’s X account was “hacked” and issued a false notice about the approval of the Bitcoin ETF spot, the price of Bitcoin fluctuated violently.

The article was accompanied by a photo of SEC Chairman Gary Gensler, who claimed that the launch of a spot Bitcoin ETF would help investors gain access to digital assets under the agency’s supervision.

However, just a few minutes later, the SEC Chairman’s X account issued a denial, saying that the SEC had been hacked on social media and that the post about the approval of the Bitcoin spot ETF was false. The SEC chairman said his agency has not approved any Bitcoin ETF spot proposals to date.

this @SECGov The Twitter account was compromised and unauthorized tweets were posted. The U.S. Securities and Exchange Commission has not yet approved the listing and trading of spot Bitcoin exchange-traded products.

— Gary Gensler (@GaryGensler) January 9, 2024

This series of news caused a spectacular roller coaster ride in BTC prices. As soon as the news of the ETF’s approval came out, Bitcoin rose to nearly $48,000. However, the price quickly fell sharply thereafter, falling to $44,800 when Gary Gensler himself denied the news. Currently, BTC price has recovered and is trading close to the $46,000 mark.

1-hour candlestick chart of BTC price movements.

Currently, the SEC is working with law enforcement agencies to find the root cause of the incident.

But some commentators fear the mistake could be used as an excuse to delay a decision ahead of the expected January 10 deadline, although most see this as just a possibility.

“What if this is an inside job? Is the only way to stop or delay a Bitcoin ETF is to create an event like this? Delaying is unreasonable… and this event won’t change anything. Still, there’s nothing left that makes me feel Surprised.”

What if this is an inside job? Is the only way to stop or delay a Bitcoin ETF is to create such an event?

The delay is unreasonable… In my opinion, this incident should not change anything. However, nothing surprises me anymore.

Or was the news simply released in advance?

— Gabor Gurbacs (@gaborgurbacs) January 9, 2024

Meanwhile, Dennis Porter, CEO of the Satoshi Nakamoto Foundation, said: “It depends on the SEC’s intent. If the SEC wants to delay the ETF process further, they may use that as a reason to slow down the implementation process.”

However, Dennis Porter still has high hopes that the SEC will give the green light to the Bitcoin ETF Spot this weekend and as early as January 10.

Discussions are quite high as to whether the SEC will delay or make a decision on the Bitcoin ETF Spot on Platform X, with many conflicting opinions. But we still have to wait for the SEC’s announcement from 4:00 to 5:00 on January 11, Vietnam time (21:00 – 22:00 on January 10, UTC time).

Current Bitcoin Price

VIC encryption compilation

related news:

“Whales” suffered heavy losses due to false news that SEC approved Bitcoin ETF spot