The Securities and Exchange Commission's social media account was hacked on Tuesday afternoon, falsely reporting that the regulatory agency had approved bitcoin exchange-traded funds.
"Today, the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges," the SEC said on its hacked social media account on X, formerly Twitter. "The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection," the agency's hacked account said.
But minutes later, SEC Chair Gary Gensler sent out a message on his own account denying the approval had taken place.
"The @SECGov Twitter account was compromised, and an unauthorized tweet was posted," he wrote. "The SEC has not approved the listing and trading of spot bitcoin exchange-traded products."
The hack exposed what has been a tense and highly fraught process for the cryptocurrency investment vehicles to come to market.
The frenzy for the bitcoin products has resulted in an all-out fee war among Wall Street firms hoping to win the battle for market share.