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.
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.