The United States Securities and Exchange Commission’s X (formerly known as Twitter) account surprisingly posted a tweet indicating the approval of the spot Bitcoin ETF on 9th January. The post got deleted 20 minutes later.
Later, we got to know that the account was ‘hacked’ and the tweet was unauthorized. Then the rumour of the delayed Bitcoin ETF decision started circulating around social media. Some individuals said that the SEC might use this event as an excuse to delay the decision. The SEC reportedly said that they are investigating the issue and trying to get to the roots of this incident.
Though some intellectuals say that the SEC might use this hack as an excuse, some experts have come forward and shown faith in the punctual decision.
“Fwiw, at least one prospective spot bitcoin ETF issuer is concerned SEC “hack” could result in approval delay…
My take? There’s a *hard* deadline tomorrow. All indications point toward approval.
There’s a regulatory process to follow here. That doesn’t involve X.
Nate Geraci (President @ETFStore, Host @ETFPrime, Co-Founder @ETF_Institute)
Nate Geraci showed faith in the ETF approval. He believes that the 10th of January is a hard deadline and all the indications are pointing towards approval.
“Part of me is like. Yea he kinda has a point -- this is a bad look. But at the same time this is on the SEC for not having 2FA on their account. Would it still be #Bitcoin or Crypto's fault if the compromisoor tweeted that the SEC was filing an enforcement action against @Tesla?”
- James Seyffart (Replying to Dennis Kelleher’s tweet)
James Seyffart is a well-known name in the ETF sector. He pointed out the SEC for account security. But he also believed that such incidents shouldn’t cause the delay.
There are some other experts who expect the on-time decision of the spot Bitcoin ETF. They are as follows: Gabor Gurbacs (Founder: PointsVille), Eric Balchunas (Popular ETF analyst), and Joe Carlasare (U.S. attorney and commercial litigator).
Will the Bitcoin ETF Get Delayed?
Well, we’re not clear about this. But we think that the social media is divided into two parts. One part says that such minor security breaches might not affect the decision, while the other part says that the SEC might use this hack as an excuse (this has happened before).
The chances are 50-50. Any prediction may be true. Might be 60-40 or 40-60. But we think that the decision must be on time. And we expect it to be in favor of the betterment of Bitcoin and its community.
The entire crypto world is filled with lots of possibilities. We as a crypto payment gateway believe in a positive decision rather than giving a verdict. However, according to experts, we expect the decision of the spot Bitcoin ETF to come out on time.