On today's episode of "The Adults Are Back In Charge," we continue America's loss of competence with the Securities & Exchange Commission losing control of its official X account.
Here was the tweet:
Totally made up.
Here's how it affected the market:
The SEC literally has one job: To protect the stock market from manipulation so we don't get a repeat of the Great Depression. And it couldn't even do that!
The absolute state of things.
More from Unusual Whales for you crypto bros:
The financial world has been eagerly anticipating the SEC's decision on spot Bitcoin ETFs, a development that would allow American investors to trade this popular cryptocurrency as shares on major stock exchanges. Despite expectations for an approval announcement at Wednesday's market close, a surprise tweet from the SEC's official account erroneously signaled its approval.
However, Gary Gensler promptly issued a correction on Twitter, emphasizing that the SEC had not yet approved the listing and trading of these much-awaited products.
This incident adds to the ongoing drama surrounding the SEC's historical resistance to sanctioning such investment vehicles, often citing risks of market manipulation. The situation shifted following a significant win in August by Grayscale, a potential issuer for the Bitcoin ETF, in its lawsuit against the SEC. Since then, the agency has been reconsidering applications, now involving major firms like BlackRock.
I can't wait to see what fresh horror awaits us in the third week of this new year!
P.S. Now check out our latest video 👇
