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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Jan 10, 2024 10:46 UTC
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SEC is A Menace, Claims Ripple CLO Amid Spot Bitcoin ETF Confusion
The SEC's Twitter account announced approval of a Spot Bitcoin ETF, causing market excitement.
SEC Chair clarified the tweet was unauthorized, sparking concerns about potential market manipulation.
Ripple and others urge the SEC for transparency and clear communication to regain trust.
The crypto world was on fire. News of the SEC approving a Spot Bitcoin ETF sent shockwaves through the market, igniting a surge of excitement. But before celebrations could begin, SEC Chair Gary Gensler stated that their account might have been compromised. The excitement vanished, replaced by a chilling suspicion – market manipulation?
Discover the truth here.
Ripple’s Demand for Answers
The day started with the SEC’s tweet announcing the approval of the Spot Bitcoin ETF. The tweet, posted from the ‘SEC’s X handle’, had a significant impact, not just on the XRP community but across the wider crypto market.
In response to the confusion, Ripple’s leadership, including Chief Legal Officer Stuart Alderoty and XRP lawyer Bill Morgan, voiced concerns on the X platform.
Alderoty stressed the need for accountability and urged the regulator to disclose details about the incident within four days as per the SEC’s own rules.
The Market Reacts
After the initial announcement, many speculated about possible market manipulation. Eric Balchunas, a Bloomberg ETF analyst, even mentioned the idea of a “scheduled tweet gone bad.” Such events have raised questions about the consistency and reliability of regulatory updates in the crypto sector.
The confusion surrounding the SEC’s tweet underscores the need for clear and consistent communication from regulatory bodies. As the crypto community seeks clarity, the SEC faces scrutiny and questions about its credibility. Balchunas and others suggest that the SEC may be trying to address a misstep with the tweet.
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