SEC Assures Hack Won’t Affect Bitcoin ETF Decision
The U.S. Securities and Exchange Commission (SEC) has stated that the recent hack of its X account will not impact its decision on approving a spot market Bitcoin exchange-traded fund (ETF). Anonymous sources cited in a Reuters report claim that the hack will not derail the approval process.
Hack Incident and Response
A false post announcing the SEC’s approval of a spot market Bitcoin ETF was quickly removed after it was published. The agency confirmed that the hacker’s access to the account had been terminated. The hack reportedly occurred when an anonymous individual gained access to the account’s phone number through a third party.
Upcoming BTC ETF Decision
The SEC is set to decide today on several spot market BTC applications from firms including VanEck, ARK Invest, BlackRock, and Grayscale. SEC Chair Gary Gensler acknowledged the hack but emphasized that no decision has been made yet.
Potential Impact of BTC ETF Approval
Analysts from Standard Chartered estimate that the approval of a spot market BTC ETF could bring in $50 billion to $100 billion this year, potentially driving the price of Bitcoin to six figures.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $45,512, representing a 3.5% decrease over the past 24 hours.
Hot Take: SEC Stays Focused on Bitcoin ETF Approval Despite Hack
The recent compromise of the SEC’s X account due to a hack has not deterred the agency from its ongoing evaluation of spot market Bitcoin ETF applications. Although false information was briefly circulated, it was swiftly addressed and removed. The SEC remains committed to making an independent decision regarding the approval of BTC ETFs. The potential approval of a spot market Bitcoin ETF could have significant implications for the cryptocurrency market, potentially attracting billions of dollars in investment and driving Bitcoin’s price to new heights.
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