Happy Bitcoin ETF Approval Day To everyone who celebrates all signs do point to the fact that today Wednesday January 10th we should be getting the official approval from the US SEC Now I'm saying the official approval because yesterday January 9th there was a little bit of a mess up and apparently the official SEC Twitter SLX account was compromised and they had a very professional sounding thing that yeah, no, it is approved and then crypto went crazy and then 15 minutes later Gary Gendler the Chairman of the SEC The guy who is like you know, tasked with protecting all of us is like the account was compromised. It's truly one of the wildest stories in the realm of finance and I have to give it to the people writing this particular iteration of our simulation because they are absolutely hilarious. So here's what happened. This is the Day Stage Le chart just for posterity sake of Bitcoin As I'm filming, this is trading just below $445,000 but check out the 30 minute chart.

So yesterday, right after the market Clos let me even go to the 15-minute chart it got announced, everyone stoked and then Gary Gz was like uh-uh we haven't approved it yet and it got absolutely smoked. So everyone went from being stoked to getting smoked and ever since then Bitcoin has been coming down um, just ever so slightly. But once again, as I'm filming this, there's a really, really good chance that later on today the 10th, we actually get the approval which I think will lead to another bout of volatility. Do I think it'll be bullish or bearish? I don't know your guess is as good as mine? I'm not really an active Trader I most of my crypto I'm just sitting on it and I want to see how it plays out in the long term.

So if you look at the market cap right now overall market cap 1.68 trillion Bitcoin itself 883 billion just yesterday was over 900, but obviously since it's getting a little bit smacked because of the confusion of what happened with the SEC there's a little bit of bearishness. So let me break down the full story. but I need to give a shout out to the internet because the internet is taking win after win after win. The internet's underfeed.

We protected the investors obviously making fun of the SEC X username X password SEC password one23 Bitcoin is too dangerous. Dude, these memes are hilarious. So anyway, obviously you get the Tldr. You know what went down.

They said they approved it and then they said their account was compromised and it should have been sent out blah blah blah. And yeah, this is hilarious. Of course, this is a very embarrassing moment for the SEC but it got to the serious degree where actual politicians were officially calling out Gary Gendler. It is unacceptable that the agency entrusted with regulating the epicenter of the world's Capital markets would make such a colossal error and that's spot on.

So let's actually talk about the error at 411 P.m. 11 minutes after the market closed from the official US Secc Twitter X page, they said yeah, approved Okay and that's why Crypto went up and then 15 minutes later at 4:26 Gary Gensler tweeted out the SEC Gov Twitter account was compromised. An unauthorized tweet was posted. the SEC has not approve the listing and trading of Spot Bitcoin ETF products.

It caused the world for a second there the crypto world to go Absolutely crazy. So everyone reported CNBC Bloomberg was Journal everyone on Twitter was like approved approved approved and then 15 minutes later everyone had to retract it and like I said massive embarrassment Sec's account compromise was quote unquote, not due to any breach of X's system X said late Tuesday It has completed a preliminary probe into the compromise account of the US SEC that displayed a false post and I have their I guess breakdown of it right Here We can confirm that the account SEC Gov was compromised and we have completed a preliminary investigation based on our investigation. The compromise was not due to any breach of ex Aism, but rather due to an unidentified individual obtaining control over a phone number associated with the SEC G of account through a third party. We can also confirm that the account did not have two-factor authentication enabled at the time the account was compromise.

Yes folks, we currently live in a world as called out by that politician that the people in charge of protecting the epicenter of global markets did not have two Factor authentication on their public facing social media account. like I said whoever's writing the version of our simulation. dude, they have some quality comedic skills. Because you can't make this up, you absolutely cannot make this up.

Sec's X account hacked to falsely say Bitcoin ETF was approved I Fortunately was able to stream this in real time if you want to check out the stream of me thinking it was approved, then realizing it was all a hoax. Uh, you could see my emotions go from very high to very low. In a couple minutes the video was still up. But here's what Bloomberg had to say: Mt Gary Gensler Uh.

Saying that the SEC Gov Twitter account was compromised in an unauthorized tweet was posted, it says that SEC has not approved the listing and trading of Spot Bitcoin exchange traded products Shanal Bas Still with us here in our New York Studios Uh, we're also in conversation with Kayy Lin and Eric Funis shenal. I Mean, there's going to be a lot of speculation as to what happened. Uh, what didn't happen at the end of the day? They still have to make a decision. or at least the anticipation is they have deis you think we going to see anything materially different, maybe in 24 hours time than what we saw just over the last 20 minutes? and I have the same thought? The fact that there was this kind of a mistake until we know where the mistake came from.

Can the SEC then move forward and say okay, we can rightfully still approve this in that deadline. They could always punt right? They could always push it as they have before. They could also deny application. They could ask for more information as we've seen uh, last minute amendments to the F.

Think they do like they un try to move forward and get this page uh, cleared and and get past this moment so that you know we can get these things approved with certainty now that there are so many issuers. But does this change the equation? We don't even really know how this compromise as Gary Gensler called it. Remember, Think about just the influence that X or previously Twitter has had on financial markets alone in the last several years and the fights that the SEC has had over this type of these type of issues and disclosures. Was it a breach? Was it not a breach, right? I Mean they need to at least provide some clarity.

Well, they need to provide Clarity 100% need to provide Clarity and maybe we'll get it. Maybe we won't But right here. Uh, a lot of people like I said the internet never loses. So they started to dig up old commentary from the SEC.

Check this one out. This is from October 16th, 2023. Careful what you read on the internet. The best source of information about the SEC is the SEC the ones obviously who posted the incorrect information.

Uh, another one. This is a reminder to secure your financial accounts as well as protect against identity theft and fraud. Use strong passphrases or passwords, set up multiactor authentication, keep account alerts turned on. Apparently they did not take their own advice and then Fox put this out.

Will the SEC investigate itself after Gary Gendler dealt embarrassing blow in Bitcoin ETF debacle? They should wholeheartedly because you can fairly say right now in the year 2024, the biggest manipulator of the crypto Market specifically Bitcoin is the SEC and if they are tasked with looking into Market manipulation, well look into the biggest manipulator the SEC itself. This is absolutely ridiculous. Are you going to approve the Bitcoin ETFs Best we can do is say her X account was hacked. Now if you ask me of like what really happened here I Think one of two things happened Either one of the people working there was attempting to schedule the tweet for today and probably got the time right, but the date wrong and it got posted early or it legitimately was hacked because they didn't have two-factor authentication.

they just went through a compromised phone and then they realized that this was in the draft because if you actually read what was posted, it sounded very professional. It sounded like exactly what the SEC would post. not what a hacker would post cuz they would post some sort of meme or something trolling. They wouldn't be professional about it.

So I Think those are the two logical things that could have in reality actually played right now: Gary Gendler is getting lambasted by political officials Chair: Gary Gendler Does this mean we can blame more of the SEC Gov's horrible rulemaking and so-called regulation by enforcement on a compromised account asking for a friend? Sincerely, right here, Chairman of the House Financial Services Oversight and Investigation Subcommittee. It's getting pretty serious, but with all that happening, you might be thinking, okay, this is ridiculous. No way could it get more ridiculous. And I'm pleased to report that yes, it can.

even though this involves the SEC not protecting their own account somehow, for whatever reason, we live in a world where they're still going to try to blame Elon Musk SEC Account hack amplifies concerns over security at Musk's X Imagine being in a world where you could literally have nothing to do with something and then somehow you still get blamed. This is so obviously the Sec's fault. Whether they were actually hacked or compromised, Whatever it's on them, it's not on. Twitter It's not on X It's not on Musk.

But then, yet, we are now in a world where journalists hate Elon so much that they're even going to try to blame him for this. I I Just don't get it. so I wanted to share this to kind of I don't know. Wrap up the story of what happened with the fake Bitcoin ETF approval that happened on the 9th, but we're filming this on the 10th and I do believe by the conclusion of today, fingers crossed that we officially do have the approval.

So I just want to let everyone know what's going on, the absurdity of the situation, and the absolute embarrassment of the situation. The final thing I want to leave you with is do you think that this particular event or really no I Suppose we could take Gary Gendler's Body of Work. My final question for you is do you think that Gary Gensler The chairman of the US SEC Because of this and everything else that's happened under his leadership, we'll say that with quotes: do you think he should be fired? Let me know in a comment.