SEC Chairman Gary Gensler to Receive More Letters Today About the ETF Fiasco
On Tuesday, January 9, US Senators, JD Vance and Thom Thrills, sent a letter to the Securities and Exchange Commission (SEC) demanding a response to the recent X account hack and Bitcoin ETF approval nonsense. Additionally, according to Fox Reporter Eleanor Terrett, more congressional letters will be arriving in SEC Chairman Gary Gensler’s inbox.
Also Read: VanEck Advisor Label SEC’s Fake Bitcoin ETF Approval Post as ‘Inside Job’
Senators’ Position on the Latest Bitcoin ETF Debate
In a joint letter addressed to Gary Gensler, the Senators expressed deep concern over the agency’s social media communications regarding the erroneous approval of Spot Bitcoin ETFs. They pointed out a critical timeline when the SEC’s official X account initially announced approval, causing a surge in Bitcoin’s value. However, they later announced that the announcement was unauthorized, claiming that their social media accounts had been hacked.
The letter also highlights the potential impact on investors and questions the SEC’s internal cybersecurity procedures. Senators demand clarity, urging the SEC to address the nature of the breach, provide details regarding the investigation, and unveil plans to recover financial losses for affected investors. The SEC is asked to respond to the investigations by January 23, 2024, as Vance and Thrills call for transparency amid this significant regulatory setback.
The letter also questioned the regulator whether any employees were behind the account breach or whether there was a third party to blame. Additionally, Senators called the fake Spot Bitcoin ETF approval post a huge mistake on the part of the SEC. “It is unacceptable that the institution charged with regulating the epicenter of the world capital markets made such a big mistake,” the letter said.
Also Read: US SEC Faces Massive Backlash Over Fake Spot Bitcoin ETF ‘Approval’ Post
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