The U.S. Securities and Exchange Commission (SEC) reportedly says the recent breach of its to stand.
According to a new report from Reuters, unnamed sources say they do not expect the apparent hack to derail the trial.
The post, which falsely stated that the SEC had approved a Bitcoin ETF on the spot market, was quickly deleted before the agency said the hacker’s access to the account had been terminated.
According to the report, the SEC’s X account was misused after an anonymous individual somehow obtained the phone number associated with the account through a third party, gaining access.
The SEC will decide today whether or not to approve spot market BTC applications from several companies such as VanEck, ARK Invest, BlackRock, and Grayscale.
Both X and SEC Chairman Gary Gensler confirmed the hack, while Gensler added that the SEC has yet to make a decision.
If declared by Gensler,
“SECGov’s Twitter account was compromised and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot-traded Bitcoin products.”
Analysts at banking giant Standard Chartered estimate that a BTC ETF on the spot market would rake in $50 billion to $100 billion this year, pushing the price of the key crypto asset into six figures by market capitalization, the report said.
Bitcoin is trading at $45,512 at the time of writing, down 3.5% over the past 24 hours.
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