Summary
US lawmakers are calling for transparency and accountability from the Securities and Exchange Commission (SEC) after its social media account was compromised and posted false information about the approval of bitcoin exchange-traded funds (ETFs). Senator Bill Hagerty stated that the SEC needs to be held accountable for the market-moving mistake, while Senator Cynthia Lummis emphasized the need for transparency on what happened. The incident occurred just before a meeting of the House Financial Services Committee’s digital asset subcommittee to discuss the status of digital asset regulation in the US. The false announcement caused markets to soar before prices fell after the SEC clarification, leading to uncertainty about the SEC’s decision on approving bitcoin ETFs.
Key Points
1. The Securities and Exchange Commission’s social media account was compromised, leading to a false announcement about the approval of bitcoin ETFs.
2. US lawmakers, including Senator Bill Hagerty and Senator Cynthia Lummis, called for transparency and accountability from the SEC regarding the market-moving mistake.
3. The incident occurred just before a scheduled meeting of the House Financial Services Committee’s digital asset subcommittee to discuss the status of digital asset regulation in the US. The SEC’s decision on a spot bitcoin ETF proposal from Ark 21Shares is expected by Wednesday.