In a recent turn of events, the U.S. Securities and Exchange Commission (SEC) Chairman has emphatically denied the circulating claims regarding the approval of the Bitcoin Exchange-Traded Fund (ETF). This clarification comes in the wake of an unprecedented incident where the SEC’s official Twitter account was compromised, leading to the dissemination of an unauthorized tweet.
Dismissing the speculations that had triggered excitement in the crypto community, the SEC Chair underscored that no official approval has been granted for the much-anticipated Bitcoin ETF. The unauthorized tweet from the compromised SEC Twitter account had added confusion to an already speculative environment.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
However, adhering to its internal guidelines, the SEC is bound to disclose the incident’s nature and extent within a four-day timeframe. This mandatory disclosure aims to provide a comprehensive understanding of the incident’s impact on the market, accompanied by a detailed account of the SEC’s protocols for evaluating, identifying, and mitigating cybersecurity threats of a similar nature.
As the SEC continues its meticulous review of the Bitcoin ETF proposal, the recent breach of their official Twitter account serves as a stark reminder of the challenges posed by the evolving regulatory landscape. Market participants are advised to stay informed through official channels and exercise discernment in navigating the dynamic crypto market, given the uncertainty surrounding the ETF’s fate.
