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NO! SEC denies approving spot Bitcoin ETF, $300M liquidated

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Here’s a complete lowdown on what happened over a 15-minute stretch on crypto-Twitter today.

No! SEC denies approving spot Bitcoin ETF, claims 'compromised' account

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In what is turning out to be an early April Fool’s Day joke on everyone involved, it would seem that the U.S Securities and Exchange Commission has, in fact, NOT approved spot Bitcoin ETFs. Less than 30 mins ago, a tweet from the SEC’s official X (Formerly known as Twitter) account claimed the following,

However, the tweet in question has since been deleted and refuted by Gary Gensler, Chair of the United States SEC himself. According to Gensler,

“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.”

Needless to say, the reactions were quick to change. The community sentiment quickly changed from one of euphoria and elation to one of disappointment. And yet, despite a confirmation from the Chair himself, there are still people who are refusing to believe what happened.

For instance, in response to Gensler’s tweet, Bankless’s Ryan Sean Adams tweeted,

Jokes aside, there may be other implications associated with this incident too with Securities lawyers telling FOX Business,

“… the @SECGov will have to investigate itself for market manipulation after moving the price of $BTC up and down following the hacked tweet that it had approved the first spot BTC ETF and then saying it was fake. That said, for the SEC not to approve tomorrow would be unprecedented.”

Additionally, conspiracy theories are doing the rounds too, with VanEck’s Gabor Gurbacs speculating that this could be an inside job. He speculated that a way “to stop or delay a Bitcoin ETF is to create an event like this.” A more rational explanation, as he himself conceded, is that the message was published sooner than it was supposed to. On the subject of this being an inside job, he went on to add,

“It would be unreasonable to delay… and this event should change nothing IMO. However, nothing surprises me anymore.”

The episode had another glaring impact on the market –

At this point in time, it’s unclear who is responsible behind this prank. At the time of writing, no details had been shared by Gensler, the SEC, or any law enforcement agency.

What is evident, however, is that someone exploited the sentiment of the crypto-community at large.


Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
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