SEC Approves ETF - Turns out, NOT

[cr1776]

It just was approved....per CNBC
https://www.cnbc.com/2024/01/09/-sec-approves-bitcoin-etfs-for-trading.html

"The Securities and Exchange Commission has approved rule change applications to allow the first bitcoin ETFs in the United States, paving the way for the long-awaited funds to begin trading as soon as this week.

The decision will likely lead to the conversion of the Grayscale Bitcoin Trust, which holds about $29 billion of the cryptocurrency, into an ETF, as well as the launch of competing funds from mainstream issuers like BlackRock’s iShares.

The approval could prove to be a landmark event in the adoption of cryptocurrency by mainstream finance, as the ETF structure gives institutions and financial advisors a familiar and regulated way to buy exposure to bitcoin."
...

Update:
Now the SEC says this:
"SEC Twitter 'Compromised,' Chair Gensler Says After Account Said Bitcoin ETFs Approved"

https://www.coindesk.com/policy/2024/01/09/sec-twitter-compromised-chair-gensler-says-after-account-said-bitcoin-etfs-approved/

[highalch]

The end of a long battle. Finally, we can focus on more important things. The network.

[Orpichukwu]

Some one posted it few second earlier before yours.:

https://bitcointalk.org/index.php?topic=5481017.msg63470230#msg63470230

[suzanne5223]

This is good and bad news.
The good is that we will see an inflow of Trillion dollars into the cryptocurrency market which will lead to the parabolic of the major crypto, especially Bitcoin.
The bad news is that the global investment companies that filed for the spot ETF will treat BTC as a fungible token, they will want to be the market's major player and they will go to extra lengths to do that which includes high restrictions and KYC for crypto and there's going to be a lot of market manipulation unless the SEC provide a law that prevents companies from do it

[cr1776]

And the price dropped immediately.  Although it seems to be recovering.  Seems like a stupid move to sell when there are potentially a huge amount of new demand.  But then again many of these traders aren't the sharpest.

The details are super sparse.

[odolvlobo]

The SEC says it is a hoax.

[cr1776]

This is good and bad news.
The good is that we will see an inflow of Trillion dollars into the cryptocurrency market which will lead to the parabolic of the major crypto, especially Bitcoin.
The bad news is that the global investment companies that filed for the spot ETF will treat BTC as a fungible token, they will want to be the market's major player and they will go to extra lengths to do that which includes high restrictions and KYC for crypto and there's going to be a lot of market manipulation unless the SEC provide a law that prevents companies from do it

Perhaps, yes.  Eventually bitcoin will hit a price and stability where there is no need to get out of it and you can just remain in crypto.  Then the statist authoritarians will have to display their true colors even more than now.

[cr1776]

The SEC says it is a hoax.

Now the SEC says this:
"SEC Twitter 'Compromised,' Chair Gensler Says After Account Said Bitcoin ETFs Approved"

https://www.coindesk.com/policy/2024/01/09/sec-twitter-compromised-chair-gensler-says-after-account-said-bitcoin-etfs-approved/

[Hatchy]

No one knows if it's all true but here's a tweet

[adaseb]

I remember a few months back there was the coin telegraph tweet which said the blackrock etf was approved. Then the sec said not to trust any tweet unless it comes from the sec. And here now we got the SEC posting fake approvals and causing many people to lose money if they longed at the time of the tweet.

Even though it was quickly corrected, many people probably bought in anticipation of a larger rally and ended up getting liquidated when it turned out more and more people discovered it wasn’t a real tweet.

[mk4]

Funny how the SEC — supposedly a major entity when it comes to investments, didn't use 2-factor authentication(2fa) on their Twitter/X account despite them knowing how much influence Tweets from their account will have. They're a freakin joke.

https://twitter.com/safety/status/1744924042681897343

[Fiatless]

Funny how the SEC — supposedly a major entity when it comes to investments, didn't use 2-factor authentication(2fa) on their Twitter/X account despite them knowing how much influence Tweets from their account will have. They're a freakin joke.

https://twitter.com/safety/status/1744924042681897343

This is embarrassing. An important institution like the SEC doesn't have a simple mechanism to protect their account and this has led to such a disgraceful event. For me, I think SEC Chair Gary Gensler is lying that the SEC account was compromised. I think a staff who had access to the account made this tweet without authorisation from the Chairman and other top SEC officials. X released a statement that the SEC account was compromised due to any breach of their system. This shows that the SEC is covering up their mess.

Another perspective is that it was an approved tweet but some powerful politicians like the President might not be comfortable with approval and they mounted pressure on the SEC to deny the tweet. I guess we now have a higher possibility of disapproval because of the current situation. Some US Legislatures especially Republicans have been angered by this drama and might probe this shameful event.

[$crypto$]

I still remember when Cointelegraph said that the Bitcoin ETF approved the price soaring high, but not long after that it was a technical error because the news was not true.

Now the SEC's own account announced it then jumped and after 10 minutes confirmed its account had been compromised, what's more drama than this, even though Gary Gensler said the statement was not true.

Obviously this will be bad news after the news is not true, it makes the price of Bitcoin fall again, although not significantly, still many people hope there is something positive but this is a different fact.

[btc78]

Note the word ‘yet’ in the headline.

I do know that the ETF approval will definitely help spike bitcoin’s price just like what was showed when it was falsely announced however it would not be the only factor to help increase bitcoin’s price in the next following months it is definitely a good addition but not our only hope

[Ayers]

Note the word ‘yet’ in the headline.

I do know that the ETF approval will definitely help spike bitcoin’s price just like what was showed when it was falsely announced however it would not be the only factor to help increase bitcoin’s price in the next following months it is definitely a good addition but not our only hope

During its 15 years of existence and development, bitcoin did not need any support from government agencies and it is still growing strong to this day. So, spot etfs are definitely not a huge factor for bitcoin, but if approved, it will also contribute to faster bitcoin growth. But what I see is that people are putting too much expectation on it, which will not be good for the crypto industry because if etfs continue to be rejected. It will certainly cause short-term panic in the market. I think people should prepare and focus more on the halving instead of focusing too much on etfs like now because the halving is the biggest catalyst for bitcoin to make a new ATH.

[Sim_card]

Human are desperate when it comes to getting what they want. The hack of Gary Gensley x account must be from one of those institutions that wants to trade bitcoin because they have already stashed up their bags believing that today SEC will approve bitcoin ETF. This was why they had to do the hack to give false news to the public, so that within that period, the price of bitcoin will soar. Unfortunately for the hackers, not quite long that the rumor was in the air, was when Gary Gensley cleared the air that his x account was hacked. This means that no one is safe from these hackers if they mean to hack into any of your account, this is why we should be careful with our security when using the internet. I don't care about the approval of bitcoin ETF because it will be an attack on financial freedom.

[mindrust]

How many people lost money because of this fake tweet? People should sue the SEC imo. When you are an important government agency, you simply can’t afford to get hacked. I am not buying this bullshit. The SEC manipulated the markets right in front of everyone and these are the guys that was supposed to protect us from the manipulators. Also this is just the beginning. Imagine what will they do when they approve the ETF and have unlimited power over the btc price. They will build a casino where the only winners are Blackrock

[2Pizza410000BTC]

No one knows if it's all true but here's a tweet

The question arises in everyone's mind. So far there have been many messages about Bitcoin ETF, but there was no reason for the X account to be hacked. But yesterday when the Bitcoin ETF was approved, within 1 to 10 minutes it was revealed that the Twitter account had been hacked. In fact, Bitcoin ETF is a completely dramatic phenomenon. People will not believe this event anymore. I believe Bitcoin will move at its own pace.

[Bureau]

I was not expecting the SEC would be so careless. When they know everyone is awaiting approval they get their X.co handle hacked. A lot of money has been lost today due to the fake tweet. Bitcoin was going to break the barrier of 48k when the correct news was released. Not sure but now there is another news that is spreading that an ETF approval is imminent by the 15th of this month. Since the news is circulating in social media it can be rumour.

[Crypt0Gore]

Lol, I was expecting a similar drama, that Gensler is stubborn as F*ck, I knew he won't just announce the approve of the ETFs without creating a scene first.

Like how does it sound that the SEC twitter account got hacked? People that should know about security the most became the victim? I knew its a a cooked up story, they are trying to blame something else, I believe these bastards have a plan after all.

Even I always use 2FA on my twitter account, why would the SEC not use such security feature to secure its account? I hope Elon Musk brings some light on this Twitter hack excuse, I believe it's either a big plan or the SEC just lied about it.