After the SEC’s official X account (formerly Twitter) was compromised and hacked Tuesday, Chairman Gary Gensler confirmed that no Spot Bitcoin ETFs have been approved. Shortly after 4:00 PM ET on Tuesday, the SEC’s X account posted “Today, the SEC grants approval for Bitcoin ETFs for listing on all registered national securities exchanges.” However, it was a false alarm.
“The SEC Twitter account was compromised, and an unauthorized tweet was posted,” Gensler says. “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”
Bitcoin price both benefitted and suffered from the announcement. At 4:15 PM ET, Bitcoin skyrocketed to $47,893, up nearly $1,000 from just minutes before the announcement. However, following the news being reported as faults, it immediately crashed down to under $46,000.
It is unknown who the perpetrators behind the hack are, or when they got access to the SEC’s X account. The regulator is likely issuing an active investigation to find out who and where the hack came from.
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Spot Bitcoin ETFs are expected to be decided on this week, possibly tomorrow according to experts. However, that decision date might be in jeopardy after this hack scandal. Over a dozen asset management firms have submitted applications for Bitcoin ETFs, and approval could see mass implementation of Bitcoin in everyday banking.
