The Securities and Exchange Commission has approved the applications of 11 spot bitcoin ETFs in a highly anticipated decision that will make it much easier for people to dabble in cryptocurrency investing without directly buying and holding bitcoin. The approval comes one day after a hacker temporarily took over the SEC’s X account and posted a rogue tweet saying that bitcoin ETFs had been approved by the regulator.

The approval is a significant milestone for crypto investors, who for years have tried to win SEC approval for the investment funds that hold bitcoin. With the approval, 11 such funds will be listed on public stock exchanges.

United States financial regulators have long been wary of bitcoin and other cryptocurrencies and in a statement, SEC Chair Gary Gensler wasn’t exactly effusive about the merits of bitcoin. “Bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing,” he wrote.

“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”

Gensler may have more reasons than usual to be circumspect. On Tuesday, one day before the SEC’s decision on bitcoin ETFs was due, the SEC’s official X account was hacked. The attackers posted a rogue tweet claiming the funds had been approved, causing a temporary spike in the price of bitcoin. The SEC has said it’s working with the FBI and Inspector General to investigate the matter.

The official X account belonging to the Securities and Exchange Commission was briefly “compromised,” the regulator said, after an apparently rogue post on X temporarily juiced bitcoin prices. 

On Tuesday, the SEC’s official X account tweeted that bitcoin ETFs had been approved “for listing on all registered national securities exchanges.” The tweet included an official-looking graphic featuring a quote from SEC Chair Gary Gensler. However, Gensler himself quickly clarified from his X account that the post from @SECGov was the result of a "compromised” account.

“The @SECGov twitter account was compromised, and an unauthorized tweet was posted,” Gensler wrote. “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”

Screenshot via X

The confusion comes as the SEC is, in fact, considering whether to approve spot bitcoin ETFs, investment funds that hold the cryptocurrency. The regulator is expected to make a decision Wednesday in a process that has been closely watched by crypto investors.

Naturally, the now-deleted tweet from the SEC’s official (and gray check-verified) account on X prompted a momentary surge in bitcoin prices, followed by a steep decline. The post and subsequent clarification from Gensler “wiped out over $50 million of leveraged derivatives trading positions within an hour,” according to and analysis from CoinDesk.

For now, it’s unclear exactly how the SEC’s X account was “compromised.” In a statement, an SEC spokesperson told Engadget that “the unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff.” The regulator has so far given no indication about whether it intends to approve any spot bitcoin ETFs this week.

X didn’t immediately respond to a request for comment.