Bitcoin ETF: Will SEC Brief Press on Decision After Market Close?
A Bloomberg Intelligence analyst, Eric Balchunas, has suggested a unique approach for the U.S. Securities and Exchange Commission (SEC) after their recent Twitter account hack. He proposes that the SEC capitalize on this opportunity by combining a press conference about the hack with announcing their decision on spot Bitcoin ETFs.
SEC’s Twitter Account Compromise and Response
The SEC’s official Twitter account, a critical communication channel, was compromised on January 9. Consequently, an unauthorized tweet falsely claiming the approval of spot Bitcoin ETFs was posted, creating a brief yet impactful confusion across social media platforms. The SEC promptly responded by removing the misleading information and has since been actively collaborating with law enforcement to investigate the incident.
Speculation Around Spot Bitcoin ETF Decision
In light of the Twitter hack, speculation has arisen regarding the potential impact on the SEC’s impending decision on spot Bitcoin ETFs. Despite the chaotic backdrop, experts like Dennis Porter and Joe Carlasare believe that the expected decision will likely proceed as planned this week. Analysts anticipate the announcement to fall within the SEC’s traditional decision-making schedule, with a potential time slot between 4:00 pm and 5:00 pm Eastern Time.
The market’s immediate reaction to the false tweet provides insights into potential trends following the actual approval of the ETFs. Vetle Lunde notes a quick response to the fake news, hinting at a possible ‘sell-the-news’ trend. On the other hand, Cathie Wood emphasizes the long-term positive impact, especially for institutional investors.
Balchunas’s Suggestion for SEC
Returning to Eric Balchunas’s suggestion underscores a strategic communication approach for the SEC. The SEC can effectively manage the current situation by addressing the hack and its repercussions in a press conference and coupling it with the much-anticipated ETF decision. This approach addresses the immediate issue and leverages the opportunity to maintain transparency and assert control over its narrative.
Read Also: Bitcoin ETFs: Is Hong Kong Brewing Strategic East-West Capital War?
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