It's a total snafu in crypto-land as Gary Gensler says the SEC twitter account was hacked after it initially posted that all bitcoin ETFs were approved.
His tweet came around 10 minutes after the SEC's official account tweeted this:
For a hack, they certainly did a great job of making it look official. However if you have access to the SEC account, this is a dumb way to abuse something that might get you a visit from the FBI.
I wrote today about why it will be approved but I didn't have it unfolding like this on my bingo card. This is a real blackeye for an organization that's supposed to be in charge of investor protection.
There was some thinking that it was actually Gensler's account that was hacked but other SEC accounts have now confirmed that the main one is the victim.
Here is the price action, which showed a strong bias towards 'sell the fact' initially but then actually rallied when it wasn't yet time to 'sell the fact'.
There are the would-be tickers:
- BITWISE $BITB
- ARK $ARKB
- INVESCO $BTCO
- BLACKROCK $IBIT
- WISDOM TREE $BTCW
- VANECK $HODL
- FRANKLIN $EZBC
- FIDELITY $FBTC
- GRAYSCALE $GBTC
Here are the proposed fees:
When the announcement comes, it will be a horserace to get the most AUM because there is a long history of volume convergence in identical ETFs. It's a winner-take-all market.
I wonder if this SNAFU pushes out the timeline for actual approval.
