Historic Bitcoin ETF Approval Celebrated as SEC Remains Silent Post Security Breach
Summary:
Cryptocurrency enthusiasts celebrate the unprecedented approval of spot Bitcoin ETFs on January 10, while the United States Securities and Exchange Commission (SEC) remains mute on the platform, following a security breach of its account. The hashtag #BitcoinETF trends as a record number of 11 issuers are granted permission for their Bitcoin ETFs to be listed on US exchanges. Notable entities, including approved issuer Franklin Templeton, leverage the situation to boost their social media presence. Trading of the newly approved ETFs is expected to begin on January 11.
Cryptocurrency enthusiasts are all abuzz following the unprecedent "historic" endorsement of spot Bitcoin (BTC) exchange-traded funds (ETFs) on January 10th. However, one prominent user on platform X has remained suspiciously quiet. Platform X has been inundated with myriad messages from jubilant users in the cryptocurrency community in the wake of spot Bitcoin ETFs getting the green light. The popularity of the "#BitcoinETF" tag has soared on platform X, matching the search phrase's peak rating of 100 on Google Trends. A slew of users on cryptocurrency X have labeled this groundbreaking day as a landmark event in the history of cryptocurrency - 11 issuers gained permission for their Bitcoin ETFs to be listed and traded on US exchanges. The accomplishment was not without opposition, as noted by Coinbase’s chief legal officer Paul Grewal. He underlined the crucial role of Grayscale's resistance against the SEC in securing the approval of ETFs. SEC Commissioner Hester Pierce echoed Grewal's sentiments by highlighting the near failure of this outcome in her official statement.
Nevertheless, one customary poster on X has been unusually reticent. The X account @SECGov, which belongs to the United States Securities and Exchange Commission (SEC), has remained hush since divulging that its account was breached on January 9th—following an ill-conceived tweet regarding Bitcoin ETF approval. Despite the SEC's silent treatment, that didn't deter Crypto X from inundating @SECGov with a flurry of posts that ran the gamut from details about the sanction process to lambasting the regulator for their conspicuous negligence in safeguarding their account. The tweet by SEC about its account violation has surpassed all previous records of the most liked post, drawing in over 18,000 likes and 8.1 million views.
Other high-profile entities, including one of the approved ETF issuers, seized the occasion to amplify their reach sparked by the declaration. Franklin Templeton, whose ETF received authorization, revamped its logo on their official X account to include a pair of laser eyes—a symbol embraced by Bitcoin supporters on social media to symbolize their affinity for the asset.
The expectation is for the ETFs to be ready for trade come January 11th, according to Bloomberg ETF analyst James Seyffart.
Published At
1/11/2024 5:49:25 AM
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