'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 Post On X
Portfolio Pulse from Benzinga Newsdesk
The official Twitter account of the U.S. Securities and Exchange Commission (SEC) was compromised, leading to the posting of an unauthorized tweet. The false tweet claimed that the SEC had approved the listing and trading of spot bitcoin exchange-traded products, which was not true. SEC Chairman Gary Gensler clarified that the SEC has not approved such products.
January 09, 2024 | 9:29 pm
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NEGATIVE IMPACT
The unauthorized tweet falsely claiming SEC approval for spot bitcoin ETFs could have temporarily influenced the market perception and prices of bitcoin, but the clarification from Gary Gensler reaffirms the current regulatory stance.
The unauthorized tweet could have led to a brief surge in optimism among investors about the potential for a spot bitcoin ETF, which would likely increase bitcoin's price. However, the quick clarification from the SEC Chairman would dampen any unfounded enthusiasm, potentially leading to a short-term negative impact on bitcoin prices as the market corrects from any misinformation-induced gains.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80