April 13, 2024

Stock market today: Live updates

An Hour Ago

Crypto stocks jump after SEC greenlights U.S. bitcoin ETFs

2 Hours Ago

House committee demands a hearing with SEC Chair Gensler after X account controversy

The House Financial Services Committee now wants SEC Chair Gary Gensler to provide details on what led up to the regulator’s X account posting a false social media post on bitcoin ETFs.

“To better understand how this breach occurred and how the SEC will ensure it cannot happen again, please provide a briefing to Committee staff no later than January 17, 2024,” wrote committee chairman Patrick McHenry in a Jan. 10 letter to Gensler.

On Tuesday, the Securities and Exchange Commission’s X account made a false post, saying that the regulatory agency had approved bitcoin ETFs for trading. The price of bitcoin initially spiked but then slid below $46,000.

The SEC said that its account had been compromised. Late Tuesday evening, X said that a preliminary investigation showed that “an unidentified individual” obtained control over a phone number associated with the SEC’s account.

“This failure is unacceptable, and it is disturbing that your agency could not even meet the standard you require of private industry,” McHenry said in his letter.

Read the letter here.

Ultimately, the SEC on Wednesday approved rule changes to allow bitcoin ETFs.

Darla Mercado, Christina Wilkie

2 Hours Ago

Bitcoin ETF rule change can ‘reshape the dynamics of cryptocurrency investments,’ Moody’s Investors Services SVP says

Approval of a rule change from the Securities and Exchange Commission that allows bitcoin exchange-traded funds to be made in the U.S. can shake up the crypto investing landscape, according to Rajeev Bamra, senior vice president of digital finance at Moody’s Investors Service.

The rule has been closely watched because it can give regular investors access to crypto currency. Bamra said the change may prompt more interest from institutions, which can in turn help reduce volatility in the market.

“The approval of spot bitcoin ETFs by the SEC has the potential to simplify and secure Bitcoin investments for a broader investor base, which may reshape the dynamics of cryptocurrency investments,” he said. “It could lead to substantial inflows from institutions interested in entering the cryptocurrency market as it may provide a reliable and transparent price discovery mechanism. This could result in a more stable and liquid crypto market, representing a positive development for the digital finance ecosystem.”

Bamra noted that bitcoin and ether made crypto the best performing asset class in 2023. However, he said global monetary policy and the availability of crypto to institutional investors will help determine if that trend continues.

— Alex Harring

2 Hours Ago

Stock futures open little changed

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