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Saturday, April 13, 2024

Fake News: SEC Has Not Yet Approved Bitcoin Spot ETFs Despite Agency Tweet

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The Securities and Exchange Commission (SEC) announced on Tuesday that it has approved for Bitcoin ETFs to be listed on all national securities exchanges in the United States.

However, a later post from SEC chairman Gary Gensler clarified that the announcement was fake.

  • In an SEC post to X, the agency claimed that approvals had gone through and that they would “enhance market transparency and provide investors with efficient access to digital assets within a regulated framework.”
  • Following the announcement, the price of Bitcoin immediately shot up to a new multi-year high of $47,800, followed by a descent to nearly $46,000.
  • However, SEC chairman Gary Gensler took to X immediately afterward to debunk the news.
  • “The SEC twitter account was compromised, and an unauthorized tweet was posted,” he said. “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”

  • Back in October, a fake rumor from a major crypto media website also falsely claimed that a Bitcoin ETF had been approved.
  • The following month, XRP dumped on another revelation of a fake BlackRock XRP ETF filing posted to the state of Delaware’s website.
  • “I think someone prepped a planned tweet and put the wrong date because the tweet would have made perfect sense tomorrow at this time,” commented Bloomberg ETF analyst Eric Balchunas on the matter.

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