Is the SEC Responsible for the Scandal Surrounding Spot Bitcoin ETFs in the U.S.?

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• A portion of the crypto community believes that the SEC itself is responsible for the incident and the subsequent chaos in the crypto market.
• The social media platform stated that two-factor authentication was disabled on the SEC’s account during the breach.
• Former White House Communications Director Anthony Scaramucci noted that Gensler lied when he claimed that the SEC’s X account was hacked.

Experts are investigating the behind-the-scenes details following the scandal involving the SEC’s X account in the U.S.!

Behind the Scenes of the Fake News about Bitcoin ETF

The U.S. Securities and Exchange Commission (SEC) is facing criticism after President Gary Gensler confirmed that the agency’s X account was hacked, leading to the dissemination of false information that spot Bitcoin exchange-traded funds (ETFs) had received regulatory approval.

A portion of the crypto community believes that the SEC itself is responsible for the incident and the subsequent chaos in the crypto market. Bloomberg ETF analyst Eric Balchunas stated that the SEC is responsible for all the confusion. According to Balchunas, this is a “planned tweet gone wrong” situation.

In a separate X post, Balchunas suggested that the SEC may have scheduled the tweet on December 10, the day the agency had set as the deadline to approve spot Bitcoin products, but an employee mistakenly timed the tweet for December 9.

These comments come after the situation where Elon Musk-led X admitted that the SEC account was compromised by an individual who gained access to a linked phone number through a third party during the breach. The social media platform stated that two-factor authentication was disabled on the SEC’s account during the breach.

Crypto Market Struggles with the Discomfort of Fake Spot Bitcoin ETF Approval News

Balchunas is not the only person questioning the SEC’s position. Former White House Communications Director Anthony Scaramucci noted that Gensler lied when he claimed that the SEC’s X account was hacked. Scaramucci believes that an SEC staff member shared the news early, reflecting the “amateurish and dishonest nature of the current SEC leadership.” Interestingly, when Balchunas conducted a poll asking X users where the “approval” tweet came from, over 83% voted that it came “from the inside.”