The SEC says its X account was hacked to falsely say that bitcoin ETFs were approved
The U.S. Securities and Exchange Commission said it had not yet granted approval of spot-bitcoin exchange traded funds, despite a post Tuesday on the X social media platform that appeared from the regulator’s official account.
The post, which included a fake comment purporting to be from SEC Chair Gary Gensler, briefly fueled a jump in the price of bitcoin. Traders have been speculating for weeks that the agency could approve several of the products as soon as Wednesday.
Gensler said from his own X account that the post was a fake and that the agency hadn’t taken action.
About a dozen companies have applied to list ETFs backed by bitcoin in the U.S. The SEC has until Wednesday to take action on at least one of those applications, and crypto insiders have speculated the regulator will use that date to announce a slew of decisions at once.
There are two technical requirements that must be fulfilled before a spot-backed bitcoin ETF can start trading.
Bitcoin is once again having a moment. The world’s largest cryptocurrency has risen 150% so far this year. Here’s why.
First, the SEC must sign off on so-called 19b-4 filings by the exchanges that would list the ETFs. Second, the regulator must approve the relevant S-1 forms, which are the registration applications from the would-be issuers — a list that includes BlackRock and Fidelity.
The SEC is planning to vote on the exchanges’ filings, the 19b-4s, this week, Bloomberg has reported. The regulator may or may not take action on the issuers’ applications, the S-1s, around the same time. If the SEC grants both sets of required approvals, the ETFs could start trading as soon as the next business day.
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