The Legacy of Gensler's Bitcoin ETF Retreat Lives on as an Inscription

U.S. SEC Chair’s Message Minted on Bitcoin Blockchain

U.S. Security and Exchange chair Gary Gensler’s letter announcing the approval of spot Bitcoin exchange-traded products (ETFs) was minted as an inscription on the Bitcoin blockchain using Ordinals Inscriptions. The inscription included Gensler’s photo and the date of the letter.

Spot Bitcoin ETF Approval

A spot Bitcoin ETF is an investment vehicle that allows traders to buy shares backed by Bitcoin without directly holding the asset. With the approval of spot Bitcoin ETFs, these investment products can now be traded on stock exchanges.

Hacker Compromises SEC Twitter Account

The SEC’s Twitter account was compromised by a hacker who sent out a fake tweet announcing the approval of thirteen spot Bitcoin ETFs. The tweet caused the price of Bitcoin to plummet.

The SEC spokesperson confirmed that a member of the agency did not create the fake tweet and stated that they are working with the FBI to track down the culprits.

Gensler’s Warning and Suspicion

Gensler had previously warned investors about cryptocurrency scams. Bloomberg analyst James Seyffart speculated that the wording of the fake tweet resembled SEC language, suggesting that it may have been sitting in drafts or someone was skilled at mimicking SEC language.

Spot Bitcoin ETF Trading Begins Soon

VanEck CEO Jan van Eck announced that spot Bitcoin ETFs are expected to begin trading on Thursday.

Hot Take: Fake Tweet Exposes Vulnerabilities in SEC Communication

The recent incident involving a fake tweet from the SEC’s Twitter account highlights vulnerabilities in communication channels used by regulatory agencies. It raises concerns about potential market manipulation and investor trust. The SEC must strengthen its security measures to prevent future breaches and ensure the accuracy and integrity of its official announcements. Additionally, this incident underscores the need for investors to exercise caution and verify information from reliable sources before making investment decisions in the cryptocurrency market.