Bitcoin ETF Approval Unlikely to Be Delayed Due to Hacker Attack

In a surprising turn of events, the approval of a Bitcoin Exchange-Traded Fund (ETF) in the United States seems poised to move forward despite a recent cyberattack on the Securities and Exchange Commission (SEC). The founder of The ETF Institute, Nate Geraci, has expressed confidence that the authorities are unlikely to postpone the approval process due to the breach of the SEC's account on the prohibited Russian social media platform, X (formerly known as Twitter).

At least one company aiming to launch a Bitcoin spot ETF has voiced concerns that the cyberattack on the SEC might lead to a delay in approving the derivative. However, Geraci believes otherwise, stating, "Tomorrow, January 10th, marks the deadline for the application review. All signs point to a positive verdict."

Nonetheless, Dennis Porter, the director of the non-profit organization Satoshi Action Fund, which promotes Bitcoin in the United States, has a more cautious outlook regarding the consequences of the SEC account breach. He believes that officials could potentially use the cyberattack as an excuse to prolong the ETF approval process, saying, "I can definitely envision a scenario where the SEC attempts to leverage this incident to postpone ETF approval. They have not hesitated to employ unfair tactics to advance their agenda in the markets."

January 10th is the day when SEC employees are expected to announce their decision regarding the proposals submitted by ARK Invest and 21Shares to create a Bitcoin ETF. Furthermore, the deadline for Bitwise's derivative issuance proposal expires on January 14th. Therefore, this week could see the regulatory body granting approval for trading in several funds.