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The Securities and Exchange Commission says a post on X from Chairman Gary Gensler, announcing the approval of Bitcoin ETFs, was false.
The update, which came shortly after 4 p.m. ET when the markets were closed, was likely the work of a hacker, according to the SEC. The post has since been deactivated and replaced with more details.
"The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products" the post clarified.
The SEC elaborated in a separate statement to FOX Business.
"The SEC's @SECGov X/Twitter account has been compromised. The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff."
The dupe came as investors are eagerly awaiting the SEC's decision on as many as 10 Bitcoin ETF applications including BlackRock's, Ark's, Grayscale and Wisdom Tree.
It is also an embarrassing development for the security regulator who is responsible for policing financial markets and weeding out bad actors that put investors at risk.
Crypto critics have long argued the asset class is easy to manipulate and is used for illicit activities because it is not regulated.
SEC Chairman Gary Gensler participates in a meeting of the Financial Stability Oversight Council at the U.S. Treasury on July 28, 2023 in Washington, DC. The council met to deliver an update on the Council’s Climate-related Financial Risk Committee a (Kevin Dietsch/Getty Images / Getty Images)
In advance of the SEC's widely anticipated decision, bitcoin rose to the $47,000 level before pulling back and has gained nearly 11% this year after advancing 153% in 2023.
Regulators are expected to approve potentially one or several of the pending ETF applications which will open up cryptocurrencies to a wider group of individual and institutional investors.