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

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

Image source httpstwittercomSenatorHagertystatus1744843824654885024

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.

 

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.

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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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