Vladimir Okhotnikov: Perhaps the SEC Published a Prepared Message About the BTC-ETF Approval

The event that occurred on January 10, 2024 called into question investor confidence. It turned out that there is no trust in the data security and reliability of the SEC (US Securities and Exchange Commission) system. Well-known crypto analyst and entrepreneur Vladimir Okhotnikov gave his comments on this matter in anarticle,where he said that this is “a farce and nothing more.”

Information about the approval of trading on the Bitcoin spot exchange was published on the social network X (formerly Twitter) on the official X account of the organization @SECGov. However, almost immediately the post was erased, but information about the account hacking managed to spread online.

Despite rumors of an upcoming SEC announcement regarding the Bitcoin ETF, the advance announcement of the investment vehicle's approval caused shock and confusion among market participants. After all, the company previously made 28 attempts to obtain permission from the Commission to launch a spot BTC-ETF.

In the context of this incident, it is important to address questions raised regarding the SEC's performance as a supervisory authority and its ability to provide adequate protection of investor data and interests. Vladimir Okhotnikov emphasized that “the lack of two-factor authentication and a frivolous attitude to security measures undermine trust in an organization of this level.”

“The difficulty of identifying scammers puts ordinary citizens in a difficult position,” the author noted.

At the same time, the article emphasizes that: “During all this time, the SEC has had difficulty bringing charges, literally sucking violations out of thin air, without providing significant evidence. Everything is based on guesswork and assumptions...”

The authors argue that if the SEC had real grounds for suspicion of dishonest business, then the commission would act in the same way as in the case of Changpeng Zhao (CZ), the former head of the Binance cryptocurrency exchange.

The following article provides an interesting fact about the internal investigation into the exploit of the @SECGov account. It showed that the incident was the result of unauthorized access to a phone number through a third party, and not a hack into Company X's system.

In conclusion, experts conclude that the misunderstanding that occurred, planned or not, only emphasized the undeniable importance of decentralization. The main requirements for the new financial system of the world, which is still only on the path of development, were named.

Read the originalarticle for more information about the SEC case.

Vladimir Okhotnikov

Vladimir Okhotnikov is a publicist, expert and successful entrepreneur in the field of blockchain. An analyst with many years of experience in the field of investment and crypto business, he often gives his comments on what is happening in the financial world. His opinions are always relevant and consistent with what the public is expressing.

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