Reactions continue against SEC Chairman Gary Gensler’s latest Bitcoin ETF blunder. US Senators JD Vance and Thom Thrills sent a letter to the SEC, demanding an answer to this ‘nonsense’. There will also be more congressional letters arriving in Gensler’s inbox, according to Fox Reporter Eleanor Terrett. Famous whistleblower Edward Snowden also reacted to the incident.
SEC’s Bitcoin ETF blunder stirred the market!
cryptokoin.comAs you follow from , the hack of the SEC’s official X account caused an uproar in the market. It also raised questions about the reliability of information shared by government agencies. This morning, misinformation spread rapidly on social media platforms. Additionally, numerous high-profile media accounts on X have used fake news. After this, SEC Chairman Garyy Gensler announced that there was no approval from his own account:
The SECGov Twitter account was hacked and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot Bitcoin ETF products.
Senators react to recent Bitcoin ETF debate
Congress did not remain silent on this issue. In a joint letter addressed to Gary Gensler, the senators expressed deep concern about the agency’s social media communications regarding the erroneous approval of spot Bitcoin ETFs. The SEC announced initial approval of the official X account. Thus, it caused an increase in the value of Bitcoin. However, it turned out that this confirmation was not true. This is a critical timeline, senators emphasized.
Members of Congress highlighted the potential impacts on investors in the letter. They also questioned the SEC’s internal cybersecurity procedures. Senators demanded clarity and called on the SEC to address the nature of the breach. In addition, they invited him to provide details about the investigation and explain his plans to recover the financial losses of affected investors. Vance and Thrills called for transparency in the face of this significant regulatory disruption. In this regard, the Senators requested that the SEC respond to the questions by January 23, 2024.
The letter also asked the regulator whether any employees were behind the account breach or whether a third party could be blamed. Senators also called the false Spot Bitcoin ETF approval post a colossal mistake on the part of the SEC. In the letter, they stated: “It is unacceptable that the institution charged with regulating the epicenter of the world capital markets made such a colossal mistake.”
SEC from all walks of life facing backlash
Notorious whistleblower Edward Snowden also publicly criticized SEC Chairman Gary Gensler. Snowden, known for his outspoken views on privacy and government transparency, did not hold back from expressing his disapproval. “For Christ’s sake, Gary, pull yourself together,” Snowden said. He also shared posts containing expressions such as “you only had one job.” This further fueled the already intense online debate.
Meanwhile, Snowden later deleted his posts. However, their impact on public perception of government agencies’ online communications remains significant. This incident raises concerns about the potential consequences of misinformation spread through official channels, especially in the financial sector where accurate and timely information is vital.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!