Ripple Execs React to SEC Bogus Approval Announcement of Bitcoin Spot ETF

reportcryptos.com
4 Min Read

Ripple executives have reacted to the SEC’s bogus announcement regarding the approval of all Bitcoin spot exchange-traded fund (ETF) applications.

Top crypto stakeholders, including Ripple executives, have reacted to a post that emanated from the official X account of the United States Securities and Exchange Commission (SEC).

SEC Bogus Bitcoin ETF Approval

For context, the SEC’s official X account stated yesterday that the commission has approved all Bitcoin spot exchange traded-fund (ETF) applications. The announcement stirred an immediate reaction from Bitcoin, which surged to $47,680 from around $45K, according to CoinGecko data.

However, the rally was short-lived as the SEC chair, Gary Gensler, quickly issued a statement on the X platform, refuting the announcement. Gensler claimed that the SEC’s X account was compromised, leading to the publication of an unauthorized tweet about the approval of all Bitcoin spot ETF applications.

He stated that the commission had not approved the Bitcoin-related ETF for listing and trading. Gensler’s address came late as the SEC’s initial announcement had already wreaked havoc on investors. According to Santiment, over $300 million was liquidated in BTC due to the hoax report.

Ripple Execs React

As expected, Ripple executives took to X to react to the development. Reacting, Ripple CEO Brad Garlinghouse said the development reminds him that the SEC needs to investigate itself for multiple things.

He, however, applauded the crypto community on X for having the best memes on the social media platform.

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The SEC’s bogus announcement also stirred a reaction from Ripple’s Chief Legal Officer (CLO) Stuart Alderoty. The Ripple CLO reacted to Gensler’s statement, citing a cybersecurity rule adopted by the Securities and Exchange Commission in July 2023.

SEC’s cybersecurity rule requires companies to disclose cybersecurity incidents within four business days. Following the SEC’s recent X saga, Alderoty referenced the rule, stating that the commission should reveal the nature and scope of the incident, as well as the market impact, within four business days.

Per Alderoty, the SEC should also disclose how it plans to prevent such cybersecurity threats in the future.

Notably, Ripple CTO David Schwartz commented on the incident using the popular X trend “How it Started Vs. How It’s Going.”

In the ‘How It Started’ section, Schwartz shared a screenshot of an October 2023 tweet, which the SEC claimed to be the best source for information about the commission.

In the second frame, “How It’s Going,” the Ripple CTO attached Gensler’s tweet announcing that the SEC’s X account was compromised.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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