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U. S. senators are not getting easy answers from the Securities and Exchange Commission (SEC) regarding an erroneous tweet about the passage of Bitcoin spot exchange-traded budgets (ETFs).
Senators J. D. Vance and Thom Tillis asked the Securities and Exchange Commission (SEC) for a detailed explanation following a cybersecurity incident yesterday, which led to a false announcement related to spot Bitcoin ETF approval. The erroneous tweet, which was posted on the SEC’s official X account page, caused a transitory increase in Bitcoin’s value, followed by a sharp drop once the SEC clarified that the account had been compromised.
The misleading data has not only caused turmoil in the market, but has also raised questions about the SEC’s ability to protect itself from cyber threats. The senators’ letter to SEC Chairman Gary Gensler expressed deep fear about the SEC’s internal cybersecurity measures and their potential impact. effect on investor protection, market integrity and capital formation.
The SEC has been given a deadline of January 23rd to provide this report to Congress.
The SEC’s X account will continue to be heavily monitored today, the deadline for the agency on one of the Bitcoin ETF applications.
While the SEC has rejected all past spot Bitcoin ETF applications, the industry expects multiple applications to be approved today, with some of the funds potentially going live as early as tomorrow.