The U.S. Securities and Exchange Commission (SEC) reportedly says that the recent compromise of its X account won’t impede its decision on whether or not to approve a spot market Bitcoin (BTC) exchange-traded fund (ETF).
According to a new report by Reuters, unnamed sources say they do not expect the apparent hack to derail the process.
The post, which falsely stated that the SEC had approved a spot market Bitcoin ETF, was quickly removed before the agency said the hacker’s access to the account had been terminated.
According to the report, the SEC’s X account was exploited after an anonymous person somehow obtained the phone number associated with the account through a third party, allowing them access.
The SEC is slated to decide today whether or not to approve spot market BTC applications from several firms, such as VanEck, ARK Invest, BlackRock, and Grayscale.
Both X and SEC Chair Gary Gensler confirmed the hack while Gensler added that the SEC has yet to make a decision.
As stated by Gensler,
“The SECGov Twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot Bitcoin exchange-traded products.”
Analysts of banking giant Standard Chartered estimate that a spot market BTC ETF would haul in $50 billion to $100 billion this year, pushing the price of the top crypto asset by market cap to six figures, according to the report.
Bitcoin is trading for $45,512 at time of writing, a 3.5% decrease during the last 24 hours.
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Author: Mehron Rokhy
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