May 26, 2024
Blockchain Text Commemorates Potential SEC Approval
Bitcoin News

Bitcoin User Commemorates ETF Speculation

An individual within the Bitcoin community, amidst anticipation surrounding the potential approval of a Bitcoin exchange-traded fund (ETF), chose to commemorate this period by embedding text within the blockchain. At precisely 7:24 p.m. UTC on Jan. 9, a confirmed transaction featured the text “SEC Chairman on the brink of second ETF approval.” This act mirrors the approach of Bitcoin’s mysterious creator, Satoshi Nakamoto, who famously encoded the phrase “Chancellor on the brink of a second bailout for banks” in the inaugural Bitcoin block. Both instances involved inserting text into the OP_RETURN field of the transaction, ensuring its preservation within the Bitcoin blockchain indefinitely.

Despite the absence of approval for a direct spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC), the agency did greenlight the first Bitcoin futures ETF back in October 2021. This context might explain why the individual behind the Jan. 9 post referenced the potential second ETF approval as being on the brink rather than highlighting the first. It’s plausible that the term ‘second’ was intentionally included to parallel Satoshi’s original text.

Shortly before this commemorative message emerged, the SEC’s X account posted information claiming the approval of all spot Bitcoin ETFs. This information was later confirmed as false, prompting SEC Chair Gary Gensler to swiftly counter the news and clarify that their account had been compromised. In response to this incident, three U.S. senators have urged Gensler to furnish a report elucidating how the hack managed to take place.

Image by freepik

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