The cryptocurrency world celebrated a historic moment as spot Bitcoin Exchange-Traded Funds (ETFs) gained approval . This development sent the Bitcoin price soaring to $46,485, and crypto enthusiasts took to social media platforms, including Crypto X, to express their jubilation.
However, amid the celebratory atmosphere, one notable player remained conspicuously silent – the United States Securities and Exchange Commission’s (SEC) Crypto X account, @SECGov.
Radio Silence from SEC’s X account
Crypto X users flooded the platform with excitement, using the hashtag #BitcoinETF, which quickly trended, and the search term “Bitcoin ETF” reached a maximum score of 100 on Google Trends.
Eleven issuers received approvals to list and trade their Bitcoin ETFs on United States exchanges. Crypto X users hailed the day as “historic,” but the @SECGov account, a regular poster on the platform, had not posted anything since confirming its account was compromised. This silence followed a “bungled” tweet about Bitcoin ETF approvals.
The SEC’s last public message on Crypto X stated, “The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”
Despite this statement, Crypto X users continued to tag @SECGov in numerous posts, discussing various aspects of the approval process and criticizing the regulator for its account security lapse.
Crypto X users’ response to the SEC’s account hack was unprecedented, with the post becoming the most-liked in the account’s history, amassing over 18,000 likes and 8.1 million impressions.
Key players’ reactions
Coinbase’s Chief Legal Officer, Paul Grewal, emphasized the significance of the Bitcoin ETF approvals, noting that it was a major achievement but highlighting that it nearly didn’t happen. He credited Grayscale’s efforts in pushing back against the SEC as instrumental in securing the approvals. SEC Commissioner Hester Pierce echoed similar sentiments in her official statement.
Franklin Templeton, one of the ETF issuers whose product was approved, seized the opportunity to capitalize on the announcement. Their official Crypto X account updated its logo with a pair of laser eyes, a symbol often used by Bitcoin advocates on social media to showcase their alignment with the cryptocurrency.
The impact of the SEC’s silence
While the @SECGov account remains silent, questions arise about the implications of this unusual situation. Crypto X users eagerly await clarification from the SEC regarding the Bitcoin ETF approvals.
The lack of communication from the regulator has left many wondering whether there are further developments or if the initial tweet about the compromise holds true.
Additionally, the SEC’s account hack raises concerns about government agencies’ social media presence security. It highlights the vulnerability of official accounts and the need for enhanced cybersecurity measures in an era where social media platforms play a crucial role in disseminating information and shaping public opinion.