SEC Wants To Delay Bitcoin ETF Approval?
Gabor Gurbacs, the Strategy Advisor for VanEck, recently called out the U.S. Securities and Exchange Commission (SEC) for their fake approval post, labeling it as an “inside job.” According to Gurbacs, this was a deliberate strategy by the SEC to delay the approval of the Spot Bitcoin ETF. However, he remains optimistic that this event will not impact the deadline and believes that Bitcoin ETFs will eventually receive the green light from the regulatory body.
Gurbacs also pointed out the suspicious nature of the entire incident, questioning how such a series of events could unfold within minutes. He expressed his doubts about the cybersecurity aspect and raised concerns about the credibility of the SEC.
X Provides Clarity On The Matter
X’s Safety wing clarified that the SEC’s Twitter account was indeed compromised. They confirmed that the compromise was not a result of any breach in X’s systems but rather due to an unidentified individual gaining control over a phone number associated with the @SECGov account through a third party. It was also revealed that two-factor authentication was not enabled on the account at that time.
This revelation raises further questions about the SEC’s negligence in securing their account and why a third party had access to their phone number. This incident undermines their role in protecting investors from potential frauds and regulating cryptocurrencies.
Hot Take: The SEC’s Credibility at Stake
The recent fake approval post by the SEC has raised serious concerns about their credibility and integrity. Critics like Gabor Gurbacs and BitQuant argue that this incident reflects poorly on the regulatory body and damages its reputation. It is alarming that such a significant organization responsible for safeguarding investors’ interests could fall victim to a hacking incident.
The SEC needs to address these vulnerabilities and take immediate steps to enhance its cybersecurity measures. Restoring trust in the SEC’s ability to regulate the crypto domain will require transparent and proactive actions to prevent similar incidents in the future.
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