Summary
Rep. French Hill criticized the SEC for a fake post on the agency’s official account that claimed bitcoin ETFs had been approved. SEC Chair Gary Gensler later clarified that the account had been “compromised” and no approvals were made. Hill and other Republican lawmakers plan to investigate the incident and demand accountability from the SEC. The agency has referred the incident to the FBI and its inspector general.
Key Points
1. Rep. French Hill criticizes the SEC for the recent fake post on its official account regarding bitcoin ETF approvals. He suggests that rogue regulators pose a threat to consumer protections in the digital asset market.
2. SEC Chair Gary Gensler clarifies that the agency’s account was compromised and no bitcoin ETF applications were approved. Hill and House Financial Services Committee Chairman Patrick McHenry plan to investigate the incident further.
3. Republican senators, including J.D. Vance, Thom Tillis, Bill Hagerty, and Cynthia Lummis, express their concerns about the SEC’s colossal error and demand accountability. The SEC has referred the incident to the FBI and its inspector general for investigation.