SEC’s Spot Bitcoin ETF Announcement
The U.S. Securities and Exchange Commission (SEC)’s official social media account announced on Tuesday that spot bitcoin exchange-traded funds (ETFs) have been approved for trading on registered national securities exchanges. This news sparked excitement in the crypto industry and on social media platforms. However, SEC Chairman Gary Gensler quickly clarified that the account was compromised and the post claiming spot bitcoin ETF approval was unauthorized.
Suspicions of Internal SEC Error
Many people suspect that the premature bitcoin ETF announcement was an internal SEC error. Some individuals believe that the post was intended to be published on Wednesday instead of Tuesday. This has sparked accusations of market manipulation and criticism of the SEC’s ability to protect investors. Skybridge Capital founder Anthony Scaramucci and Vaneck’s head of digital assets strategy, Gabor Gurbacs, expressed their doubts about the SEC’s explanation.
Expected Approval of Multiple Spot Bitcoin ETFs
Despite this incident, the SEC is expected to approve multiple spot bitcoin ETFs on Wednesday. Cathie Wood’s Ark Invest and 21shares are among the firms awaiting approval for their proposals. Ten applicants have already filed their registration statements, and some asset managers anticipate trading their spot bitcoin ETFs starting on Thursday.
Hot Take: Premature Announcement Sparks Controversy
The U.S. Securities and Exchange Commission’s premature announcement of spot bitcoin ETF approval has generated controversy and raised suspicions of an internal error. The unauthorized post, later claimed to be the result of a compromised social media account, sparked accusations of market manipulation. Critics question the SEC’s ability to protect investors and doubt the credibility of the agency’s leadership. Despite these concerns, multiple spot bitcoin ETFs are still expected to receive approval, with trading anticipated to begin shortly. This incident highlights the high anticipation and scrutiny surrounding the crypto industry’s pursuit of ETFs.
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