Speculation of an Inside Job
Analysts in the crypto community are questioning whether the false announcement about the approval of spot Bitcoin exchange-traded funds (ETFs) from the United States Securities and Exchange Commission (SEC) was intentionally orchestrated. Gabor Gurbacs, the director of digital asset initiatives at VanEck, suggested in a tweet that the SEC may have planned the event to hinder or delay the highly anticipated product.
False SEC Announcement
The SEC’s X account tweeted on Tuesday that it had approved spot Bitcoin ETFs to be listed on all national securities exchanges in the U.S., giving investors regulated access to cryptocurrencies. However, SEC chair Gary Gensler quickly debunked the news, stating that it was unauthorized and that the X account had been compromised. He clarified that the SEC had not approved spot Bitcoin ETFs and deleted the post.
Possible Inside Job and Early Publication
Gurbacs speculated that the false announcement may have been an inside job and questioned whether the agency had published it earlier than planned. He found it “unreasonable” to delay approval based on this incident. Comments under Gurbacs’ tweet also supported the theory that the announcement may have been released earlier than intended due to how quickly the SEC regained control of their hacked account.
Request for SEC Report
Two U.S. senators, J.D. Vance and Thom Tillis, have demanded that the SEC provide a report detailing the incident by January 23. They expressed serious concerns about the Commission’s internal cybersecurity procedures and deemed it unacceptable for an agency responsible for global capital markets to make such a significant mistake. The senators noted that the false announcement caused extreme volatility in Bitcoin’s price and left investors confused.
Hot Take: Questions Surrounding the False SEC Announcement
The false announcement of spot Bitcoin ETF approval by the SEC has raised suspicions of an inside job. Analysts and industry professionals are speculating whether the agency intentionally orchestrated the event to hinder or delay the product. Additionally, there are suggestions that the announcement may have been published earlier than planned, leading to confusion and volatility in Bitcoin’s price. Senators Vance and Tillis have demanded a report from the SEC, expressing concerns about internal cybersecurity procedures. The incident has left investors questioning the reliability and security of regulatory announcements in the crypto space.
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