The cryptocurrency community recently experienced a stir due to a misleading announcement about the approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Contrary to earlier reports, the SEC has not approved Bitcoin ETFs for listing on all national securities exchanges in the United States.
This confusion began with an SEC post on X, stating that Bitcoin ETF approvals had been granted, promising to enhance market transparency and provide regulated access to digital assets. Following this announcement, Bitcoin’s price surged to a new multi-year high of $47,800 but soon fell to around $46,000.
However, SEC Chairman Gary Gensler quickly addressed the situation, revealing that the SEC’s Twitter account had been compromised and the approval announcement was unauthorized and false. Gensler confirmed on X that the SEC has not approved the listing and trading of spot Bitcoin exchange-traded products.
This incident is not the first time the crypto market has been rocked by false information. In October, a major crypto media outlet mistakenly reported the approval of a Bitcoin ETF. Similarly, in the following month, XRP’s price was affected by the revelation of a fake BlackRock XRP ETF filing on the state of Delaware’s website.
Bloomberg ETF analyst Eric Balchunas speculated that the premature SEC tweet could have been a prepared announcement set with an incorrect date. He suggested that the tweet would have made sense if it were released the following day. The cryptocurrency community is now on alert for any further developments or clarifications regarding the approval of Bitcoin ETFs.