False SEC Approval Alert — Spot Bitcoin ETF Decision Pending

In a recent security lapse, the U.S. Securities and Exchange Commission’s (SEC) official X (formerly Twitter) account fell victim to unauthorized access. This incident led to the dissemination of false information regarding the approval of Bitcoin ETFs, an assertion that the SEC has since firmly denied.

Hacked Account Spreads False Bitcoin ETF Approval

On Tuesday, the compromised SEC X account released a tweet claiming the approval of Bitcoin ETFs for listing on registered national securities exchanges. This message, complete with an elaborate graphic and a supposed quote from SEC Chair Gary Gensler, quickly spread misinformation. However, the SEC, through Gensler’s own X account and an SEC spokesperson, confirmed the account’s breach and clarified that no such approvals have been granted.

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

SEC Chair Responds to Security Breach

The SEC’s swift response to the security breach involved denying the false information and reiterating their commitment to investor protection. Gensler emphasized the ongoing scrutiny and compliance measures in place for any future Bitcoin ETFs. The SEC’s dedication to maintaining the integrity of information and investor safety became a focal point in their communication following this incident.

Should have listened to the SEC about the SEC https://t.co/BphLK1AJfA

— James Seyffart (@JSeyff) January 9, 2024

Regulatory Outlook Remains Unchanged

Despite the misleading tweet, the regulatory stance of the SEC remains unchanged. Currently, the SEC has not approved any spot bitcoin ETF applications. This incident serves as a reminder of the volatile nature of information in the digital age, particularly in the ever-evolving landscape of cryptocurrency and digital assets. The SEC’s commitment to thorough evaluation and regulation in this sector stands firm, focusing on ensuring transparency and investor security in all its endeavors.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

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