SEC Announces Bitcoin ETF Approval, Sparks Confusion as Twitter Account Compromise Alleges

quick take

The SEC’s X (Twitter) account claimed approval for a Bitcoin ETF, sparking excitement in the cryptocurrency community. However, Chairman Gensler later insisted on a compromise, causing confusion and raising questions about internal procedures. Some suspect that an internal SEC error was responsible for the premature Bitcoin ETF announcement..

Bitcoin ETF Approval or Compromise?

In a whirlwind of events on Tuesday, the U.S. Securities and Exchange Commission (SEC) sent shockwaves through the cryptocurrency community with its unexpected announcement regarding the approval of a Bitcoin spot exchange-traded fund (ETF). But things took an unexpected turn when SEC Chairman Gary Gensler claimed that the SEC’s social media accounts had been hacked, questioning the validity of the announcement and questioning the SEC’s internal procedures.

The unauthorized tweet in question was posted on: X account declared by SEC. “Today the SEC approved the #Bitcoin ETF for listing on all registered national stock exchanges. Approved Bitcoin ETFs will be subject to ongoing oversight and compliance measures to ensure ongoing investor protection.” This sudden declaration has cryptocurrency enthusiasts eagerly anticipating the emergence of the Bitcoin ETF, which has been the subject of great interest and debate in recent years.

However, the excitement soon turned into confusion when Chairman Gensler told X (Twitter), “The @SECGov Twitter account was hacked and unauthorized tweets were posted.” The SEC has not approved the listing and trading of spot Bitcoin exchange-traded products.” These contradictions between the official account and the chairman’s remarks immediately aroused suspicion within the financial community.

Afterwards, the SEC posted a follow-up tweet asking again about the hacking of the X account, saying, “The @SECGov X account was hacked and unauthorized posts were posted.” The SEC has not approved the listing and trading of spot Bitcoin exchange-traded products.” This further emphasized the agency’s claim that the announcement was made without proper authorization.

To clarify the situation, @Safety, the handle for X, a social media platform that provides X’s latest safety tools, resources and updates, issued its own statement. “We have confirmed that the @SECGov account has been compromised and have completed our preliminary investigation. Our investigation revealed that this compromise was not the result of a breach of You may also notice that your account did not have two-factor authentication enabled when it was compromised. We encourage all users to enable this additional layer of security.”

The incident highlights the importance of maintaining strong security measures for official social media accounts, especially those of regulators such as the SEC. In this case, the lack of two-factor authentication is considered an important safeguard against unauthorized access.

As the cryptocurrency community eagerly awaits official news on the Bitcoin ETF, questions continue to arise about the authenticity of the SEC’s initial announcement. Some speculate that an internal SEC error may have caused the Bitcoin ETF to be released prematurely, resulting in confusion and subsequent rejection by Chairman Gensler.

Meanwhile, Bitcoin fell 2.47% over the past 24 hours, according to CoinMarketCap. At the time of publication, BTC was trading at $46,320.

This incident highlights the cryptocurrency market’s sensitivity to regulatory developments and highlights the importance of clear communication with regulators. Until the SEC makes an official announcement through the appropriate channels, the status of the Bitcoin ETF remains uncertain, leaving investors and enthusiasts anxious. The cryptocurrency world is now waiting with bated breath for further explanation from the SEC regarding this unexpected turn of events.

Also Read: SEC Chairman’s Cautionary Tweet Sparks Speculation About Bitcoin ETF Approval