The Securities and Exchange Commission (SEC) encountered a significant stir after its Twitter account appeared to announce approval for spot Bitcoin exchange-traded funds (ETFs).

However, contrary to the tweet's assertion, the SEC's Chair, Gary Gensler, confirmed that none of the applications for spot Bitcoin ETFs had received approval as of Tuesday afternoon. The regulator's official statement dismissed the tweet due to the alleged compromise to its Twitter account.

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

Despite this incident, expectations loom for the SEC's future approval of spot Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term ETF applications, though no such approval had transpired by the time of the compromised tweet.

The SEC's Statement

Gensler took to his Twitter account to clarify the misunderstanding, affirming the lack of authorization to spot Bitcoin ETFs. Similarly, the SEC's Twitter account highlighted the fuss caused by the manipulated announcement about approving the spot Bitcoin ETFs.

The regulator's official statement, arising from a compromised account, firmly stated that the SEC didn't support or approve the trading or listing of spot Bitcoin ETFs.

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.

— U.S. Securities and Exchange Commission (@SECGov) January 9, 2024

Bitcoin Fluctuates

These recent developments have led to disappointment among the crypto community, including a section of the US Congress. Meanwhile, Bitcoin temporarily surged 4% to trade at over $47,000, according to CoinMarketCap. Despite the market sentiment, the price of Bitcoin dropped to around $45,300.

Just like the SEC would demand accountability from a public company if they made such a colossal market-moving mistake, Congress needs answers on what just happened. This is unacceptable. https://t.co/tWtLqHtqpu

— Senator Bill Hagerty (@SenatorHagerty) January 9, 2024