The Securities and Exchange Commission said Tuesday that a post on from the agency\u2019s account on X, the social media platform formerly known as Twitter, announcing that the regulator had approved the trading of exchange-traded funds holding bitcoin was \u201cunauthorized,\u201d and that the agency\u2019s account had been \u201ccompromised.\u201d<\/p>\n\n\n\n
The initial announcement brought a brief moment of joy to cryptocurrency investors, who had driven up the price of bitcoin in recent months in anticipation of the approval of a bitcoin ETF. The ETF would provide a a way to invest in bitcoin without having to buy the cryptocurrency outright on a crypto exchange such as Binance or Coinbase.<\/p>\n\n\n\n
But soon after the initial post on X appeared, SEC Chairman Gary Gensler said on his personal account that the SEC\u2019s Twitter account was compromised.<\/p>\n\n\n\n
\u201cThe SEC has not approved the listing and trading of spot bitcoin exchange-traded products,\u201d he said.<\/p>\n\n\n\n
The price of bitcoin swung from about $46,730 to hear $48,000 after the unauthorized post hit, and then dropped to around $45,200 after the SEC\u2019s denial. It\u2019s was trading close to $45,670 at 5;15 p.m. ET.<\/p>\n\n\n\n
It was unclear how the SEC\u2019s social media accounts were compromised. Shortly after Gensler\u2019s statement, it appeared that the SEC had gotten control over its account.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201cThe SEC has not approved the listing and trading of spot bitcoin exchange-traded products,\u201d agency Chairman Gary Gensler said on Twitter.<\/p>\n","protected":false},"author":7,"featured_media":30579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":14,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[31,15,14],"tags":[],"coauthors":[1140],"class_list":["post-28157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home","category-management","category-it-networks"],"acf":{"subheadline":"","legacy_arc_id":"CAKAT4U2HBG7VB36EHZBWTHZ5M","arc_canonical_url":"\/it-networks\/2024\/01\/09\/sec-denies-approving-bitcoin-etf-says-x-account-compromised\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"\n