Ever since US has started issuing the SPOT ETF to the asset management companies and banks, things have changed in the crypto market. We have managed to get out of the 10K BTC which was during the post pandemic and now we are in the 40K. Which goes to show that govt around the world are accepting the bitcoin.
Now recently SEC declared that BlackRock and few other companies were getting the ETF approval in the month of january. And there was no official list for the dates of approval. But somehow someone made list and posted in the tweet.
This tweet was later taken down with the excuse of the account hack. So this brings the issue of if the account hack is real then 2FA and other security issue is serious in the SEC. And if it is made up security hack then they have to change the ETF approval dates.
Let's talk about SEC drama of fake tweet and the failure of 2FA of the SEC account on twitter.
Fake ETF Approval Tweet of SEC
SEC made a tweet early morning and there was this tweet explaining the list of the companies who got the ETF approved. And then the domino effect of the sales of the BTC begins. And this means people took the news and used it to turn into market action. And that is where the market started moving to sales.
In short time there was massive sale and also there was takers for the bitcoin too. Some other alts were sold too till the news corrected the fake tweet scenario. But that too happened a bit shortly and so many people in different timezone managed to not sell and kept their investment. And now everything has turned slow and silent.
Security issue with the SEC 2FA Authentication
Fake tweet declaration of SEC raises a lot of alarms. This goes to show that govt dept don't keep the 2FA for the account. And even if they do they have to keep the employee accounts safe and so does their computer. It seems like wrong handling of accounts can cause of issue in such cases if that is in any way case at all.
Reference here
If we assume this was fake tweet made by authentic sources but later made fake and redacted by making changes. I think it's reasonable to say that tweeter and the SEC both have problems that they kind of not coming with transparency if there was legit hack or not. Which goes to show the shady nature of govt either way.
Reference here
What to expect from SEC Now?
Sometimes when two lovers get caught by the parents or so in early phases, they take break. And everything goes silent and normal and then they come back again and story goes on. Same is likely to happen. Expect one more week of delay and now SEC is going to tease a little and not give satisfaction of the bitcoin ETF approval now.
You can expect the govt and other authorities going through more security check before they can declare anything now. And also the SEC is going to release the lists and stuff only through official site which would devalue the twietter importance in upcoming times. That's what is likely to happen from now on as well.
SEC handled twitter the wrong way. So most likely someone would lose the job and Gensler is back with damage control. But we are going to see some really good changes once the ETF approval starts kicking in.