US Senator Says Congress Needs Answers on Fake Bitcoin Spot ETF Approval Announcement From SEC

Senator Bill Hagerty Says Congress needs answers from the U.S. Securities and Exchange Commission (SEC).

For context, a fake post from the SEC official X account confirmed all spot bitcoin ETFs were approved.

Following the post about the approval of spot Bitcoin ETFs listing and trading, Gary Gensler, former SEC Chair, addressed the issue by stating that the commission had not approved any such ETFs for trading. This clarification came after considerable speculation and confusion in the market regarding the SEC’s position on the matter. Additionally, Mr. Gensler confirmed that the SEC X account had been compromised, adding further concern to the situation.

According to Santiment, $300M in Bitcoin was liquidated because of the SEC fake announcement.

😮 In a shock for #crypto investors, @GaryGensler claims that the @SECGov‘s #X account, which stated that highly anticipated #ETF‘s have been approved, was hacked. This has caused over $300M in $BTC markets to be liquidated. Nearly 3 months, a similar inaccurate post

(Cont) 👇 pic.twitter.com/tLQzM1eXc9

— Santiment (@santimentfeed) January 9, 2024

The senator expresses dissatisfaction and concern about a significant market-moving mistake by the SEC.

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He draws a parallel with the expectations of the SEC regarding accountability from public companies. Bill Hagerty believes that similar to how the SEC would demand answers and accountability from a public company for such a colossal error, Congress also needs explanations for the recent incident.

Hagerty deemed the situation unacceptable and emphasized the importance of seeking clarity and accountability for the observed market impact.