Multiple media sources disseminated inaccurate information after the official X account of the United States Securities and Exchange Commission (SEC), formerly known as Twitter, posted a tweet falsely claiming that spot Bitcoin exchange-traded funds had been authorized for the first time.
In a post on January 9th, SEC Chair #Gary Gensler clarified that the commission had not given approval for the listing and trading of spot bitcoin exchange-traded products, despite the tweet from the official SEC X account. Cointelegraph, Blockworks, Reuters, and other news outlets reported on the SEC's announcement before Gensler made his statement.
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 (@GaryGensler) January 9, 2024
The dissemination of false information by the SEC's X account can be likened to a ripple effect, with multiple news outlets amplifying the inaccurate news. However, Gensler's prompt response served as a beacon of truth, dispelling the misinformation and reaffirming the #SEC's current stance on spot Bitcoin exchange-traded products.
It is crucial to exercise caution and verify information from reliable sources to avoid being misled by false narratives in the fast-paced world of cryptocurrency news.
