Valkyrie CIO Steven McClurg reacts to companies waiting for spot Bitcoin ETF ruling on 'The Claman Countdown'.
The Securities and Exchange Commission has announced that Chairman Gary Gensler's post about X announcing the approval of a Bitcoin ETF was false.
The SEC said the update was made just after 4 p.m. ET, when the market was closed, and was likely the work of a hacker. This post has since been deactivated and replaced with more detailed content.
” @SECGov X account has been compromised and fraudulent posts have been posted. “The SEC does not approve the listing and trading of spot Bitcoin exchange-traded products,” the post said.
The SEC elaborated in a separate statement to FOX Business.
“The SEC's @SECGov
SEC fights over Bitcoin ETF news after erroneous post
The duck comes as investors await the SEC's decision on 10 Bitcoin ETF applications, including BlackRock, Ark, Grayscale, and Wisdom Tree.
BlackRock decides to cut staff while waiting for Bitcoin ETF decision
This is an embarrassing development for securities regulators, who are responsible for monitoring financial markets and weeding out bad actors who put investors at risk.
Cryptocurrency critics have long argued that the asset class is unregulated, easy to manipulate and used for illegal activities.
Bitcoin rebounds early
SEC Chairman Gary Gensler attends a meeting of the U.S. Treasury Department's Financial Stability Oversight Council in Washington, DC on July 28, 2023. The Board met to provide an update on the Board's Climate-Related Financial Risks Committee. (Kevin Dietsch/Getty Images/Getty Images)
Live Cryptocurrency Prices: Here
Ahead of the SEC's widely anticipated decision, Bitcoin rose to the $47,000 level before falling back, rising nearly 11% this year after rising 153% in 2023.
Regulators are expected to potentially approve one or more of the pending ETF applications that would open up cryptocurrencies to a wider range of retail and institutional investors.
CLICK HERE TO GET FOX BUSINESS ON THE GO
