{"id":21241,"date":"2024-01-10T14:18:50","date_gmt":"2024-01-10T14:18:50","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/01\/10\/secs-x-account-hacked-to-falsely-say-bitcoin-etf-approved\/"},"modified":"2024-01-10T14:18:50","modified_gmt":"2024-01-10T14:18:50","slug":"secs-x-account-hacked-to-falsely-say-bitcoin-etf-approved","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/01\/10\/secs-x-account-hacked-to-falsely-say-bitcoin-etf-approved\/","title":{"rendered":"SEC’s X Account Hacked to Falsely Say Bitcoin ETF Approved"},"content":{"rendered":"
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\u201cWe can confirm that the account @SECGov was compromised and we have completed a preliminary investigation. Based on our investigation, the compromise was not due to any breach of X\u2019s systems. but rather due to an unidentified individual obtaining control over a phone number\u2026 .\u201d \u2014 Safety (@Safety) January 10, 2024<\/p>\n

The SEC didn\u2019t immediately respond to an emailed message sent outside regular business hours seeking comment on X\u2019s initial assessment.<\/p>\n

Meanwhile, Republican Senators JD Vance and Thom Tillis in a letter demanded an explanation for the SEC\u2019s \u201cerrant\u201d post. They are seeking a briefing by the SEC and answers to questions no later than Jan. 23.<\/p>\n

Decision Due<\/h2>\n

About a dozen companies have applied to list ETFs backed by Bitcoin in the U.S.<\/p>\n

The SEC has until Jan. 10 to take action on at least one of those applications, and crypto insiders have speculated the regulator will use that date to announce a slew of decisions at once.<\/p>\n

There are two technical requirements that must be fulfilled before a spot-backed Bitcoin ETF can start trading.<\/p>\n

First, the SEC must sign off on so-called 19b-4 filings by the exchanges that would list the ETFs. Second, the regulator must approve the relevant S-1 forms, which are the registration applications from the would-be issuers \u2014 a list that includes BlackRock Inc. and Fidelity.<\/p>\n

The SEC is planning to vote on the exchanges\u2019 filings, the 19b-4s, this week, Bloomberg News has reported. The regulator may or may not take action on the issuers\u2019 applications, the S-1s, around the same time.<\/p>\n

If the SEC grants both sets of required approvals, the ETFs could start trading as soon as the next business day.<\/p>\n

ETF Controversy<\/h2>\n

The SEC under Gensler and his Trump-era predecessor, Jay Clayton, has previously refused to allow such a product to launch, citing concerns about investor protection and the potential for market manipulation.<\/p>\n

However, speculation has been mounting since August, when the SEC lost a key legal fight against crypto asset manager Grayscale Investments, that the regulator will have to acquiesce to the growing clamor for the product.<\/p>\n

Hype about an approval has been rampant on social media. Bitcoin surged as much as 10% on Oct. 16 when a crypto news site incorrectly posted on X that BlackRock had been approved to list a spot ETF.<\/p>\n

About $85 million of mostly bearish trading positions were liquidated during the surge, which quickly reversed.<\/p>\n

Credit: Adobe Stock<\/em><\/p>\n

Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cWe can confirm that the account @SECGov was compromised and we have completed a preliminary investigation. Based on our investigation, the compromise was not due to any breach of X\u2019s systems. but rather due to an...<\/p>\n","protected":false},"author":1,"featured_media":21242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/01\/secs-x-account-hacked-to-falsely-say-bitcoin-etf-approved.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21241"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21241"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21242"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}