SEC Says Unauthorized Tweet Falsely Claimed Spot Bitcoin ETF Approval

BySamson Ononeme

Jan 9, 2024 , , ,
Chair Gensler refutes fake SEC tweet which briefly spiked bitcoin prices, as agency confirms account was compromised.

Key Insights

  • SEC says an unauthorized tweet from its account falsely claimed approval of spot bitcoin ETFs, which Chair Gensler refuted 15 mins later.
  • The now-deleted tweet briefly sent bitcoin prices up 5% before falling back down after the clarification of misinformation.
  • The SEC Twitter account was compromised according to the agency, though a spot bitcoin ETF decision may still be forthcoming.

WASHINGTON – The U.S. Securities and Exchange Commission (SEC) said on Tuesday it did not approve any filings for spot bitcoin exchange-traded funds (ETFs) after an unauthorized tweet from the regulator’s account said such approval had been given.

The initial tweet on the SEC’s official Twitter account said spot bitcoin ETFs had been given the green light by the Commission for the first time. It included a fake quote attributed to SEC Chair Gary Gensler.

The unauthorized tweet that falsely claimed spot bitcoin ETF approval
The unauthorized tweet that falsely claimed spot bitcoin ETF approval

SEC Twitter account hacked

Just 15 minutes later, Gensler posted a clarification saying the SEC had “not approved the listing and trading of spot bitcoin exchange-traded products.”

The SEC confirmed its Twitter account had been compromised and that the original tweet was not posted by SEC staff. The post has since been taken down.

Many market watchers had been anticipating a decision from the SEC this week on several outstanding filings for spot bitcoin ETFs. Crypto asset managers including ARK Invest and 21Shares completed the final stages of their applications recently.

The false tweet briefly sent bitcoin prices surging nearly 5% before falling back down after Gensler’s clarification. The SEC Twitter account also liked several replies to the unauthorized tweet praising its supposed decision.

While Monday’s incident was the result of a hack, crypto analysts say the SEC may still be close to finally approving spot bitcoin ETF products in the coming days or weeks. A green light for listing such ETFs would allow mainstream investors easier access to bitcoin exposure without having to directly hold the asset.

Gensler and the Commission have not explicitly said one way or another whether spot bitcoin ETF filings will be accepted or rejected. But many industry experts believe the SEC chair plans to approve filings from several providers simultaneously to mitigate any first-mover advantage.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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