SEC Investigation Won’t Stop Bitcoin ETF Decision, But Could There Be a Delay? 🕵️‍♂️

Despite the recent X debacle, industry experts are anticipating that the SEC will make a final determination on spot Bitcoin ETFs on January 10.

Commentators suggest that the decision on the Bitcoin ETF is unlikely to be delayed because of the SEC hack.

The United States Securities and Exchange Commission (SEC) is set to make a decision on spot Bitcoin exchange-traded funds (ETFs) this week, despite the recent hacking of its social media account. The SEC’s X account was “compromised” on January 9, leading to a false announcement that spot Bitcoin ETFs had been approved in the United States. Although the message was deleted after 20 minutes, it caused a widespread frenzy on social media and in the markets. While the SEC is investigating the incident, many are speculating if this could lead to a delay in the decision. Let’s take a closer look at what experts are saying.

The Fear of Delay ⏰

Some commentators fear that the SEC could use the hacking incident as an excuse to postpone the decision beyond the anticipated January 10 deadline. However, most view this possibility as remote. Dennis Porter, CEO of Satoshi Action Fund, suggests, “If the SEC is looking for ways to continue delaying the ETF process, it’s possible they could use this as a reason to slow down the roll-out.” Nevertheless, Porter’s contacts still indicate that the Securities and Exchange Commission will give the green light to the spot Bitcoin ETF applicants on January 10.

US attorney and commercial litigator Joe Carlasare mostly leans toward the SEC making a decision within the deadline, saying, “Anything is possible, but I find it to be extremely unlikely they aren’t going to approve or reject based on this incident.” However, Mati Greenspan of cryptocurrency-focused finance firm Quantum Economics speculates that the SEC could use the false post to their advantage. He believes they may try to delay the ETF approval, stating, “It wouldn’t be the first time they’ve used underhanded methods to force their agenda on the markets.”

Bloomberg ETF analyst Eric Balchunas remains optimistic and anticipates official approval of the spot Bitcoin ETFs sometime between 4:00 pm to 5:00 pm Eastern Time (9:00 pm to 10:00 pm UTC) on January 10. Digital asset lawyer Anthony Tu-Sekine of Seward and Kissel agrees, stating that he doesn’t believe the incident will affect the likelihood of approvals at this stage.

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🤔 Q&A: What Readers Want to Know 🧐

Q: How did the SEC’s social media account get hacked?

A: The SEC’s X account was compromised on January 9, allowing an unknown individual or group to falsely announce the approval of spot Bitcoin ETFs in the United States. The message was later deleted, but it caused chaos on social media and in the markets.

Q: Will the SEC use the hacking incident as an excuse to delay the ETF decision?

A: While some speculate that the SEC could use this incident to postpone the decision, most experts believe it is unlikely. The SEC is expected to make a decision by the January 10 deadline.

Q: What are the chances of the spot Bitcoin ETFs being approved?

A: According to Dennis Porter, CEO of Satoshi Action Fund, his contacts indicate that the SEC will give the green light to the spot Bitcoin ETF applicants on January 10. Other experts, like Joe Carlasare and Eric Balchunas, are also optimistic about the approval.

Q: Could the false post about the ETF approval be used by the SEC to suit a delay agenda?

A: Mati Greenspan of Quantum Economics believes the SEC could use the incident to delay the ETF approval. He suggests that it wouldn’t be the first time they employed such tactics.

The Outlook Ahead 👀

As the SEC continues its investigation into the hacking incident, industry players eagerly anticipate the decision on spot Bitcoin ETFs. Regardless of the speculations and concerns surrounding the incident, the SEC is expected to make its announcement this week. The approval of spot Bitcoin ETFs in the United States could potentially have a significant impact on the cryptocurrency market, opening the doors for increased institutional investment.

Reference List 📚

1. South Korean Agencies Investigate $82M Orbit Bridge Hack
2. Bitcoin Miner Marathon Digital (MARA) Tops US Trading Charts
3. Gamma Strategies Launches Investigation After Security Incident
4. NFT Projects Begin to Give Away Free Company Equity to Holders
5. BlackRock’s Bitcoin ETF Awaits Green Light Approval
6. Lawyers, Politicians call for Investigation of SEC over Bitcoin ETF Post
7. 10 Best Long Reads About Crypto in 2023

Now, it’s your turn to share your thoughts on the SEC’s decision and the impact it could have on the cryptocurrency market. Leave a comment below and don’t forget to share this article on social media if you enjoyed it! 💬💪✨

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