BitcoinLINKNews

An Inside Job? Here’s What Analysts Think of SEC’s Fake Bitcoin ETF Approval

1 Mins read

Analysts in the crypto community wonder if the false announcement on the spot Bitcoin exchange-traded funds (ETF) approval from the X account of the United States Securities and Exchange Commission (SEC) is an inside job.

In a tweet, Gabor Gurbacs, the director of digital asset initiatives at investment management firm VanEck, also vying for a spot Bitcoin ETF, asked if the SEC intentionally orchestrated the event to stop or delay the widely anticipated product.

SEC Announcement May Be Inside Job

As CryptoPotato reported on Tuesday, the SEC’s X account posted a tweet claiming that the agency had approved spot Bitcoin ETFs to be listed on all national securities exchanges in the U.S. The regulator added that the products would give investors access to cryptocurrencies within a regulated framework.

In less than an hour, SEC chair Gary Gensler debunked the news, calling it unauthorized and disclosing that the X account had been compromised as it had no two-factor authentication. Unlike the tweet mentioned, he stated that the SEC had not approved the listing and trading of spot Bitcoin ETFs. The post has now been deleted.

Besides Gurbacs’ speculation that the tweet may have been an inside job, he also wondered if the agency had published the announcement earlier than they planned, adding that it would be “unreasonable” to delay the approval based on the event.

Comments under Gurbacs’ tweet support the speculation that the announcement may have been published earlier than planned, as it does not make sense that the SEC got their hacked account back so quickly.

Demand for SEC Report

While speculation abounds in the crypto community on the reason for the SEC’s false announcement, two U.S. senators have demanded that the agency publish a report with details on the incident no later than January 23.

Senators J.D. Vance and Thom Tillis said the issue raised “serious concerns” about the Commission’s internal cybersecurity procedures, adding that it was unacceptable for an agency entrusted with the epicenter of the world’s capital markets to make such a “colossal error.”

“The announcement and subsequent reversal led to extreme volatility in the price of Bitcoin. Investors were, and remain, incredibly confused by the Commission’s communications surrounding the long-awaited and consequential decision regarding Bitcoin ETFs,” the duo stated.

Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.