Spot Bitcoin ETF Saga Unfolds: From Chaos to Approval! 🌪️🚀

The Securities and Exchange Commission's (SEC) approval of 11 spot Bitcoin ETFs witnessed a rollercoaster of events, from wild twists to confusion, creating a crypto saga for the ages. Let's delve into the intricate timeline that unfolded over the past two days.

Day 1: The Great Compromise

The drama began when the SEC's official account on X announced the approval of Bitcoin ETFs. Within minutes, SEC Chair Gary Gensler declared the account compromised, leading to confusion and disbelief. The SEC, admitting a lack of two-factor authentication, initiated an investigation. The crypto community, exchanges, and even Coinbase offered assistance. The SEC remained silent on X even after resolving the issue.

Day 2: Chaotic Climax

Wednesday saw a series of events adding to the confusion. Fidelity's app hinted at approval, but the Cboe exchange prematurely published ETF listings, later withdrawing. Finally, all 11 ETFs were approved simultaneously, but uncertainty lingered due to a briefly unavailable document. Analysts celebrated cautiously, noting the SEC's hesitancy in confirming the approval.

Final Moments: Gensler's Critique

Gensler's confirmation came after a turbulent day. Despite green lights, Gensler criticized Bitcoin as speculative and volatile, distancing the SEC from endorsing the asset. Commissioner Hester Pierce criticized the SEC's arbitrary treatment, citing reputational harm. The crypto space saw mixed reactions, with Cathie Wood expressing disbelief, and Ripple's Stuart Alderoty calling out the SEC's battle against crypto.

In retrospect, the SEC's handling of the ETF saga created chaos, leaving investors with losses. The crypto community now scrutinizes the regulator's actions and decisions.

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