SEC Pushes Forward with Bitcoin ETF Decision Despite Social Media Hack

The United States Securities and Exchange Commission (SEC) remains resolute in its pursuit of a decision on spot Bitcoin exchange-traded funds (ETFs), despite a recent cyber intrusion into its Twitter account.

Hack Unsettles Social Media

On January 9th, the SEC's Twitter account, known as the "X account," fell victim to unauthorized access, resulting in a false claim that spot Bitcoin ETFs had gained approval in the United States.

Prompt Removal, Lingering Impact

Although the misleading post was swiftly removed, it stirred chaos on social media and in financial markets within the brief 20-minute period it persisted. The SEC is actively collaborating with law enforcement agencies to thoroughly investigate the incident.

Speculation on Delay

Some speculate that the hack might serve as an excuse for the SEC to postpone its decision beyond the anticipated January 10th deadline. However, industry insiders consider this prospect remote.

Diverse Views on Approval

Dennis Porter, CEO of Satoshi Action Fund, maintains optimism, citing insider information suggesting possible approval this week. Joe Carlasare, a U.S. attorney, shares this optimism, deeming a decision by the January 10th deadline likely.

Mixed Perspectives

Mati Greenspan from Quantum Economics raises the prospect of the SEC using the incident as grounds for delay, pointing to past regulatory tactics. Digital asset lawyer Anthony Tu-Sekine, however, remains skeptical about the incident impacting the approval odds at this late stage.

Bloomberg Analyst's Predictions

ETF analyst Eric Balchunas anticipates official approval between 4:00 pm and 5:00 pm Eastern Time on January 10th.

Late-Stage Skepticism

Anthony Tu-Sekine finds the timing of the hack puzzling, given the widespread anticipation of approval at this stage.

Despite the social media disruption, the SEC appears undeterred in its pursuit of a decision on spot Bitcoin ETFs. The industry awaits a verdict expected to be delivered between 4:00 pm and 5:00 pm Eastern Time on January 10th.

While the SEC faces challenges, the industry anticipates a resolution, showcasing the resilience of the regulatory process.