- Wednesday, October 16, 2024
The Securities and Exchange Commission (SEC) released a statement on Friday regarding a false post on its official account on X, formerly known as Twitter. The post claimed that spot Bitcoin exchange-traded funds had been approved. The SEC is currently assessing the situation to determine if any additional actions need to be taken.
SEC Chairman Gary Gensler acknowledged the concerns about the security of the SEC's social media accounts and stated that the agency is evaluating the impacts of this incident on the agency, investors, and the marketplace.
The incident occurred on Tuesday when an unknown individual accessed the SEC's profile using a phone number associated with the SEC's X account. They then published a false announcement approving Bitcoin ETFs. However, the SEC ultimately approved the Bitcoin ETFs on Wednesday.
Following the false announcement, Bitcoin experienced a 7% decline in the past 24 hours, with its price dropping to $42,672. This recent volatility in the world's largest cryptocurrency can be attributed to the SEC's approval of trading Bitcoin ETFs.
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