Crypto journalists are weighing in on the recent SEC hack and the fake approval of Bitcoin Spot ETFs. The chaos in the cryptocurrency market was sparked by a post on the SEC’s official account, which was later identified as coming from a hacker who took control of the Twitter account.
Bloomberg cryptocurrency expert James Seyffart expressed his belief that SEC Chairman Gary Gensler would be furious about the incident. Seyffart emphasized that he hopes Gensler’s anger doesn’t affect potential ETF issuers. He also noted that if the hack is confirmed, the person responsible will be in deep trouble for sharing false information and potentially manipulating the market.
Bloomberg ETF analyst Eric Balchunas suggested that the tweet may have been a pre-planned message with the wrong date. He found the language used in the tweet to be more in line with the SEC’s style, rather than a joke from a crypto enthusiast. Balchunas began suspecting a hack when the compromised SEC account started receiving random likes.
FOX Business correspondent Charles Gasparino highlighted that securities lawyers believe the SEC will need to investigate the hacker for market manipulation. Gasparino also stated that it would be unprecedented for the SEC to reject ETF applications after they have progressed this far.
Former MicroStrategy CEO and Bitcoin advocate Michael Saylor added a touch of humor to the situation. He quipped that Bitcoin would be the only asset approved by the SEC twice, referring to the SEC’s acceptance of MicroStrategy’s Bitcoin holdings as a form of investment.
These insights from crypto journalists shed light on the implications of the SEC hack and the fake approval news, leaving the cryptocurrency community on high alert for further developments.