SEC Retracts Tweet Saying It Approved Bitcoin ETFs After Hackers ‘Compromised’ X Account

Securities and Exchange Commission Chairman Gary Gensler said the agency's social media account X was "compromised" on Tuesday after posting a now-deleted Tweet saying the agency had approved exchange traded funds for bitcoin.

Gensler said from his own account 15 minutes later that the original tweet wasn't authorized and that the agency hasn't yet approved exchange-traded funds for digital currencies.

"The SEC's @SECGov X/Twitter account has been compromised," an SEC spokesman said in an email to The Messenger. "The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff."

The agency, however, is expected to decide on bitcoin ETFs on Wednesday after long opposing them.

The cryptocurrency's value jumped to more than $47,000 after the compromised post went out, but then slid to around $45,400, Tuesday evening.

Bitcoin has been rising in value for months, partially on hopes the SEC would approve bitcoin ETFs. The funds, which would invest in bitcoin, would be useful for financial advisors in setting up investments.

Several investment companies have already submitted applications to establish bitcoin ETFs and they expect the agency will approve the vehicles when it meets Wednesday Investment companies Invesco, Bitwise, Valkyrie and WisdomTree recently lowered fees in their applications, according to Bloomberg.