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.

Despite this incident, expectations loom for the SEC's future approval of spot Bitcoin 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.

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.