SEC's Twitter Account "Compromised" in False Bitcoin ETF Announcement

<p>The Securities and Exchange Commission (SEC)
encountered a significant stir as its Twitter account appeared to announce
approvals for Bitcoin exchange-traded funds (ETFs) prematurely. </p><p>However, contrary to the tweet's assertion, SEC
Chair Gary Gensler confirmed that no spot Bitcoin ETF applications had received
approval as of Tuesday afternoon. The regulator's official statement debunked
the tweet due to an account compromise, underscoring that the SEC had not
endorsed the listing or trading of such ETFs.</p><blockquote><p lang="en" dir="ltr">The <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a> 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.</p>— Gary Gensler (@GaryGensler) <a href="https://twitter.com/GaryGensler/status/1744833049064288387?ref_src=twsrc%5Etfw">January 9, 2024</a></blockquote><p>Despite this incident, expectations loom for the
<a href="https://www.financemagnates.com/tag/securities-and-exchange-commission/" target="_blank" rel="follow">SEC</a>'s future approval of spot Bitcoin ETF applications, though no such approval
had transpired by the time of the compromised tweet. </p><p>The SEC's Statement</p><p>Gensler took to his Twitter account to clarify the
misunderstanding, affirming the lack of authorization to spot Bitcoin ETFs. The
SEC's spokesperson echoed this sentiment via email, categorically denying the
legitimacy of the tweet that circulated misinformation regarding Bitcoin ETF
approvals.</p><p>Similarly, the SEC's Twitter account highlighted the fuss caused by the manipulated announcement about the approval of the <a href="https://www.financemagnates.com/tag/spot-bitcoin-etf/" target="_blank" rel="follow">spot Bitcoin ETFs</a>. Its official statement, arising from a compromised account, firmly stated that the SEC didn't support or approve the trading or listing of these ETFs.</p><blockquote><p lang="en" dir="ltr">The <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a> 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.</p>— U.S. Securities and Exchange Commission (@SECGov) <a href="https://twitter.com/SECGov/status/1744837121406349714?ref_src=twsrc%5Etfw">January 9, 2024</a></blockquote><p>Bitcoin's Price Fluctuates</p><p>These recent developments have wrapped the crypto community the wrong way due to the impact on the price of <a href="https://www.financemagnates.com/tag/bitcoin/" target="_blank" rel="follow">Bitcoin</a>, which temporarily surged 4% to over $47,000, according to CoinMarketCap. Despite the market sentiment, the price of Bitcoin dropped to around $45,300.</p>

This article was written by Jared Kirui at www.financemagnates.com.