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Gary Gensler, Chairperson, of the U.S. Securities and Exchange Commission, took to social media platform X to clarify that the SEC has not approved the listing and trading of spot bitcoin exchange-traded products. The post on @SECGov was unauthorized and released as the account was compromised.

The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.

Recently, the cryptocurrency market has experienced an uptrend, largely fueled by rising optimism around the potential approval of spot bitcoin ETFs. Proponents of cryptocurrency argue that these funds could attract a new category of investors to digital assets.

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.

ETFs are a familiar asset class among financial advisors. The prevailing thought is that advisors and investors, previously deterred by the complexities associated with bitcoin custody, might be more inclined to invest in crypto if it’s offered within the more familiar structure of an ETF.

Historically, the U.S. Securities and Exchange Commission (SEC) has not approved any spot cryptocurrency exchange-traded products (ETPs) for U.S. exchanges. It was only in 2021 that the SEC began to permit ETFs with exposure to cryptocurrency futures.

In October, a court ruling mandated the SEC to reevaluate a spot Bitcoin ETF application from Grayscale Investments. However, this directive does not preclude the SEC from rejecting the investment vehicle on different grounds.

The post No Bitcoin ETF approval yet, SEC chair Gensler says X account compromised appeared first on Invezz

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