BusinessThe SEC's Fake News: A Desire for Reality

The SEC’s Fake News: A Desire for Reality

The SEC has been grappling with the decision to approve a spot bitcoin ETF in the U.S. for a significant amount of time. The concern of market manipulation has been mentioned as a reason for caution in many discussions. Therefore, it was quite ironic when the SEC became a target of that very threat.

Yesterday, a tweet from the SEC’s Twitter account made an announcement that the agency had approved the first application, only for Chair Gary Gensler to shortly thereafter clarify that the news was untrue and the account had been hacked.

This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full newsletter here.

“The @SECGov twitter account was compromised, and an unauthorized tweet was posted,” Gensler wrote on his personal account. “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”

Someone, unknown as yet, had gotten hold of the phone number the SEC uses for its account verification, and according to the “Safety” team at X, the SEC did not have two-factor verification on its X.

We’ll know soon enough what the impact is going to be. My guess is that we’ll see a short pump in the price before things settle down again as normalcy sets in

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