X security issues in the spotlight after SEC hack
LeapRateJan 10
The Facts
The US Securities and Exchange Commission (SEC) on Tuesday confirmed that an "unauthorized" post on X, formerly known as Twitter, falsely claiming the approval of spot bitcoin exchange-traded funds (ETF) was the consequence of its account being "compromised."
The since-deleted post falsely announced that the SEC would allow Bitcoin ETFs "on all registered national securities exchanges" while misquoting SEC Chair Gary Gentler as having stated the approval "enhances market transparency" and provides "efficient access to digital asset investments within a regulated framework."
The Spin
Establishment-critical narrative
The SEC is at fault here for bizarrely failing to have two-factor authentication on X. This is an unforgivable mistake by the regulatory body that people are supposed to be able to trust to keep the US market safe. This public embarrassment is reason to question whether the SEC is competent.
Nerd narrative
There's a 92% chance that the SEC will approve any Bitcoin ETF before Jan. 20, 2025, according to the Metaculus prediction community.