The Securities and Exchange Commission (SEC) encountered a significant stir after its Twitter account appeared to announce approval for spot Bitcoin exchange-traded funds (ETFs).
However, contrary to the tweet's assertion, the SEC's Chair, Gary Gensler, confirmed that none of the applications for spot Bitcoin ETFs had received approval as of Tuesday afternoon. The regulator's official statement dismissed the tweet due to the alleged compromise to its Twitter account.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
Despite this incident, expectations loom for theSEC's future approval of spot Bitcoin ETF applications, though no such approval had transpired by the time of the compromised tweet.
The SEC's Statement
Gensler took to his Twitter account to clarify the misunderstanding, affirming the lack of authorization to spot Bitcoin ETFs. Similarly, the SEC's Twitter account highlighted the fuss caused by the manipulated announcement about approving the spot Bitcoin ETFs.
The regulator's official statement, arising from a compromised account, firmly stated that the SEC didn't support or approve the trading or listing of spot Bitcoin ETFs.
The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— U.S. Securities and Exchange Commission (@SECGov) January 9, 2024
Bitcoin Fluctuates
These recent developments have led to disappointment among the crypto community, including a section of the US Congress. Meanwhile, Bitcoin temporarily surged 4% to trade at over $47,000, according to CoinMarketCap. Despite the market sentiment, the price of Bitcoin dropped to around $45,300.
This article was written by Jared Kirui at www.financemagnates.com.Just like the SEC would demand accountability from a public company if they made such a colossal market-moving mistake, Congress needs answers on what just happened. This is unacceptable. https://t.co/tWtLqHtqpu
— Senator Bill Hagerty (@SenatorHagerty) January 9, 2024
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