Crypto community responds to fake ETF approval with memes and disbelief
Crypto folks were abuzz in the aftermath of a fake SEC X post saying spot bitcoin ETFs had been approved
sdx15/Shutterstock modified by Blockworks
If this isn’t the most crypto thing to happen to crypto on the eve of a potential spot bitcoin ETF decision…
The bitcoin ETFs were approved, a post by the official account of the Securities and Exchange Commission declared in an X post late Tuesday. The post, which included a screenshot of a quote from Chair Gary Gensler, was vague about the details of the approval.
Within minutes, however, it became apparent that the post — even though it had been sent by the SEC itself — was not authentic. The SEC had not approved the ETFs after all, with the agency declaring that its account was “compromised.” Speculation, however, has run rampant since the post was removed from the SEC account.
A decision on the ETFs was, prior to the post, expected by Wednesday of this week. The SEC has a deadline of Jan. 10 to make a decision on the proposed bitcoin ETF from Ark 21Shares.
Read more: Bitcoin rallies then crashes after ETF approval post from ‘compromised’ SEC account
Crypto X (is that what we’re calling it now?) quickly uncovered one of the SEC’s own posts on the platform warning users to only trust the SEC’s account.
“Should have listened to the SEC about the SEC,” Bloomberg analyst James Seyffart quipped.
An SEC spokesperson told Blockworks that, “The SEC’s @SECGov X/Twitter account has been compromised. The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff.”
Popular accounts among the crypto community on X were quick to point fingers — in jest, at least.
Another user used the debacle to call back to another meme.
In case this situation feels in any way familiar, a similar situation — mind you, not involving an official government account — happened earlier this year when Cointelegraph posted that the ETFs were given the green light by the SEC. (Narrator’s voice: the SEC had not, in fact, issued a decision on the proposals.)
Even Matt Hougan, chief investment officer at Bitwise, took to X following the compromised post. Bitwise is one of the 11 firms vying to launch a spot bitcoin ETF pending SEC approval (official approval, obviously).
Another user pointed out that the SEC did not seem to be using two-factor authentication for its account.
And, finally, a user offered a live look into the spot bitcoin ETF launches.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
