US Congressional Committee Demands SEC Briefing on Misleading Bitcoin ETF Information on X
A group of Republican lawmakers from the US House Financial Services Committee has urged Securities and Exchange Commission (SEC) Chairman Gary Gensler to address inquiries concerning the hack of the agency’s X account on January 9, 2024.
In a press release on January 10, the committee stated that it had dispatched a letter to the SEC demanding a comprehensive briefing to be provided by January 17, 2024.
The inquiry stemmed from a tweet posted on the SEC X account on January 9, falsely claiming the approval and listing of Bitcoin ETFs on all registered national securities exchanges.
The misleading post gained widespread traction on business news websites, Bloomberg TV, and various social media platforms until Chairman Gensler clarified that the agency’s account had been compromised.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
The 15-minute gap between the viral post and Gensler’s clarification saw the price of Bitcoin surge to nearly $48,000, highlighting the potential impact of misinformation on the cryptocurrency market.
The committee’s letter stressed the critical connection between the SEC’s ability to fulfill its mission, which includes investor protection, fair and efficient markets, capital formation, and effective communication with market participants.
Led by Chair Patrick McHenry and members Rep. Bill Huizenga, Rep. French Hill, and Rep. Ann Wagner, the committee stated its jurisdiction to oversee SEC activities in accordance with Rule X of the Rules of the House of Representatives.
The recent incident marks a significant setback for Gensler,
Read more on cryptonews.com
