SEC Gensler debunks fake Bitcoin spot ETF approval tweet
Gensler refutes unauthorized tweet on Bitcoin ETF approvals.
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Editor’s note: A previous version of this article, published earlier today, erroneously reported that the SEC had approved spot Bitcoin ETFs based on a compromised tweet from the SEC’s official Twitter account. The article has been updated to correct this misinformation and clarify that no spot Bitcoin ETFs have been approved. Crypto Briefing regrets the error.
Earlier today, the official Twitter account of the US Securities and Exchange Commission (@SECGov) posted a tweet stating that the agency had approved several Bitcoin spot exchange-traded funds (ETFs). However, SEC Chairman Gary Gensler quickly responded that the agency’s Twitter account had been compromised and that the information in the tweet was false.
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
The fake tweet from the SEC’s account caused some confusion and excitement among crypto investors, who have long awaited the approval of spot Bitcoin ETFs. While Bitcoin futures ETFs have been available since last year, a spot Bitcoin ETF that directly holds BTC has yet to be approved.
Many crypto enthusiasts saw the bogus tweet as a sign that the SEC was finally ready to allow spot Bitcoin ETFs. However, Chairman Gensler’s prompt rebuttal makes it clear that the regulatory agency has not changed its conservative stance on this issue.
The SEC has rejected several spot Bitcoin ETF applications over concerns about potential market manipulation and other risks. It remains unclear when the SEC might approve these funds, but today’s incident shows there is still more work to be done in regulating crypto markets before a spot Bitcoin ETF becomes reality.
Investors should be wary of fake news and unauthorized social media activity suggesting major regulatory changes around digital assets. It appears hackers compromised the SEC’s Twitter account to spread misinformation and profit from rapid price speculation.