Will SEC Delay Spot Bitcoin ETF Approval Due to Hack? Possible Reasons Explained
The post Will SEC Delay Spot Bitcoin ETF Approval Due to Hack? Possible Reasons Explained appeared first on Coinpedia Fintech News
The crypto community is going crazy from the fallout of an unexpected hack that has caused a downturn in the industry. The culprit? None other than the official X (Twitter) account of the Securities and Exchange Commission (SEC), which was compromised by an unknown hacker. The timing couldn’t have been worse, as the hack occurred just as the long-awaited decision on a spot Bitcoin ETF was set to be announced.
Bitcoin Plunges After Fake News of Approval
The consequences have triggered Bitcoin, which had been riding high at a record-breaking $47,000 just 24 hours prior, has plummet to $45,920 as a result of the hack. The sudden and sharp drop has left many investors disturbed, with some questioning whether this is the beginning of a broader downturn for the cryptocurrency market.
Is the Breached Account the Reason for Delay?
Might be or might not be! However, according to some experts, the SEC’s account hack might be the possible reason for the delay. This is not the first time that the SEC has created buzz and controversies, but this time they have a genuine reason to delay their decision, and the major reason is their X (Twitter) account hack.
Now the industry experts reacting to it, one of the known personality on X named Mr. Huber posted saying that the SEC is choosing to take legal action against people or companies in a way that helps them achieve their own goals, rather than just following the rules and laws that are already in place. This means that they might be prioritizing their own interests over doing what is fair and right according to the law.
"The SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law."
— Mr. Huber
If the @SECGov delays the ETF decision with the argument that their social media account was compromised then the SEC orchestrated this hack itself. The… https://t.co/SoT0HNOQ8a pic.twitter.com/p5zuUMDWZ4(@Leerzeit) January 10, 2024
Mr.Huber is accusing the SEC of using the recent hack of their social media account as an excuse to delay a decision on a Bitcoin ETF. They argue that the SEC would not have been affected by the hack in any way that would impact their ability to make a decision and that this is just another example of the SEC making up excuses to avoid approving the ETF.
Apart from this, the investigation team from X (Twitter) has recently confirmed that the account was hacked, and the reason is possibly a SIM swap. It is also confirmed by X that the SEC account didn’t have double protection (2FA).
Lawmaker Queries Gensler over Emails
After the blunder of the SEC account hack, Representative Darrell Issa, head of the House Committee on Oversight and Government Reform, has demanded that Gary Gensler, Chairman of the Commodity Futures Trading Commission (CFTC), disclose all personal emails he sent to the agency staff for official purposes.
The request follows an internal report that revealed Gensler frequently communicated with staff via a personal email account during the collapse of futures broker MF Global. Issa suspects that Gensler may be attempting to violate federal transparency laws by shielding these emails from public view. Reuters
Read More
Will SEC Delay Spot Bitcoin ETF Approval Due to Hack? Possible Reasons Explained
The post Will SEC Delay Spot Bitcoin ETF Approval Due to Hack? Possible Reasons Explained appeared first on Coinpedia Fintech News
The crypto community is going crazy from the fallout of an unexpected hack that has caused a downturn in the industry. The culprit? None other than the official X (Twitter) account of the Securities and Exchange Commission (SEC), which was compromised by an unknown hacker. The timing couldn’t have been worse, as the hack occurred just as the long-awaited decision on a spot Bitcoin ETF was set to be announced.
Bitcoin Plunges After Fake News of Approval
The consequences have triggered Bitcoin, which had been riding high at a record-breaking $47,000 just 24 hours prior, has plummet to $45,920 as a result of the hack. The sudden and sharp drop has left many investors disturbed, with some questioning whether this is the beginning of a broader downturn for the cryptocurrency market.
Is the Breached Account the Reason for Delay?
Might be or might not be! However, according to some experts, the SEC’s account hack might be the possible reason for the delay. This is not the first time that the SEC has created buzz and controversies, but this time they have a genuine reason to delay their decision, and the major reason is their X (Twitter) account hack.
Now the industry experts reacting to it, one of the known personality on X named Mr. Huber posted saying that the SEC is choosing to take legal action against people or companies in a way that helps them achieve their own goals, rather than just following the rules and laws that are already in place. This means that they might be prioritizing their own interests over doing what is fair and right according to the law.
"The SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law."
— Mr. Huber
If the @SECGov delays the ETF decision with the argument that their social media account was compromised then the SEC orchestrated this hack itself. The… https://t.co/SoT0HNOQ8a pic.twitter.com/p5zuUMDWZ4
Mr.Huber is accusing the SEC of using the recent hack of their social media account as an excuse to delay a decision on a Bitcoin ETF. They argue that the SEC would not have been affected by the hack in any way that would impact their ability to make a decision and that this is just another example of the SEC making up excuses to avoid approving the ETF.
Apart from this, the investigation team from X (Twitter) has recently confirmed that the account was hacked, and the reason is possibly a SIM swap. It is also confirmed by X that the SEC account didn’t have double protection (2FA).
Lawmaker Queries Gensler over Emails
After the blunder of the SEC account hack, Representative Darrell Issa, head of the House Committee on Oversight and Government Reform, has demanded that Gary Gensler, Chairman of the Commodity Futures Trading Commission (CFTC), disclose all personal emails he sent to the agency staff for official purposes.
The request follows an internal report that revealed Gensler frequently communicated with staff via a personal email account during the collapse of futures broker MF Global. Issa suspects that Gensler may be attempting to violate federal transparency laws by shielding these emails from public view. Reuters
Read More