SEC to Proceed with Bitcoin ETF Decision Despite Social Media Account Hack

The United States Securities and Exchange Commission (SEC) remains on track to decide on the approval of spot Bitcoin exchange-traded funds (ETFs) this week, despite a recent breach of its social media account, causing uproar in the markets.

According to reports, on January 9, the SEC’s official account was compromised, leading to a false announcement of spot Bitcoin ETF approval in the United States. Although swiftly deleted, the misleading post triggered chaos on social media and in financial markets. The SEC has confirmed its collaboration with law enforcement to investigate the breach.

While concerns linger that this incident might prompt a delay beyond the expected January 10 deadline, industry experts largely dismiss this possibility. Dennis Porter, CEO of Satoshi Action Fund, acknowledged the potential for the SEC to use this mishap as grounds for stalling the ETF process. However, Porter’s sources maintain confidence in the SEC greenlighting the spot Bitcoin ETFs on January 10.

Joe Carlasare, a U.S. attorney and commercial litigator, echoed this sentiment, emphasizing the unlikelihood of the SEC altering its decision based on the account breach. Carlasare suggested that the SEC remains committed to meeting the January 10 deadline for the Bitcoin ETF verdict.

Contrarily, Mati Greenspan from Quantum Economics speculated that the SEC might exploit the false post to justify a postponement. Greenspan highlighted the agency’s historical tendency to employ unconventional means to manipulate market outcomes.

As the SEC continues its investigation into the breach, the cryptocurrency community awaits the highly anticipated decision on the fate of spot Bitcoin ETFs, expected imminently this week.

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