News View Non-AMP

Ripple’s Chief Legal Officer Demands Clarification on Approval Status of Fake Bitcoin ETF Within 4 Days

Published by
Qadir AK

The SEC’s official X account announced the approval highly anticipated spot Bitcoin ETF, only to later claim a security breach. 

Chairman Gary Gensler clarified the misinformation, attributing it to an unauthorized user’s actions. The tweet was promptly removed, but the repercussions linger.

Ripple’s Chief Legal Officer, Stuart Alderoty, responded swiftly corresponding in its tweet a deadline and reminding the SEC of its own rules.

Stuart Alderoty, Ripple CLO, in adherence to SEC rules, demanded accountability within four days. He underscored the urgency of understanding the breach’s scope and its implications for the market. This move reflects Ripple’s commitment to transparency and adherence to regulatory standards.

SEC’s Cybersecurity Under Scrutiny

The incident has brought the SEC’s recently adopted cybersecurity rules into the spotlight. 

The tweet from X’s handle named ‘Safety’ confirms that the account @SECGov was compromised, and a preliminary investigation has been completed which shows that the compromise was caused by an unidentified individual gaining control over a phone number associated with the SEC account through a third party. 

Senior ETF analyst at Bloomberg Intelligence, Eric Balchunas’ latest tweet captured attention with 4 crucial questions regarding the security breach:

“1. Who is the “individual” responsible for the compromise?

2. Who represents the “third party” involved in the incident?

3. Whose phone number did the individual acquire or steal to gain control?

4. Did the intruder compose the tweet themselves or discover it in the drafts folder?”

In another post, Charles Gasparino, FBN Senior correspondent, reported that despite the challenges and controversies at the SEC regarding the spot Bitcoin ETF, legal experts he consulted believe that rejecting the applications at this stage of the process would be unprecedented. 

Gasparino anticipates that Wednesday could be a significant day for the mainstreaming of crypto, suggesting potential positive developments for the approval of spot Bitcoin ETFs.

The confusion surrounding the fake ETF approval tweet has raised Ripple’s proactive stance and the demand for proper justification. 

As the crypto space is currently in shock due to the aftermath, questions linger about the SEC’s ability to manage its communication effectively. 

Qadir AK

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.

Recent Posts

Analyst Predicts XRP Price Could Hit $100, Here’s Why

Analyst All Things XRP has addressed a common myth about XRP’s price limit. Many people…

April 25, 2025

Ethereum Plans 4x Gas Limit Rise to Improve Performance

Ethereum developers are proposing a 4x increase in the gas limit to 150M for the…

April 25, 2025

Bitcoin Suisse Board Member Urges Swiss Central Bank to Hold Bitcoin

A Bitcoin Suisse board member has proposed that the Swiss central bank consider adding Bitcoin…

April 25, 2025

Sui Price Prediction 2025, 2026 – 2030: SUI Price To Hit $10 This Year?

Story Highlights The live price of SUI crypto is . The SUI price is expected…

April 25, 2025

Senator McCormick Invests $1M in Bitcoin ETF Just Before Trump’s Strategic Reserve Plan

The 2024 U.S. presidential election marked a historic shift as crypto became a key campaign…

April 25, 2025

Why SUI Crypto Price is Up Today?

Solana's biggest rival and the native token of the Sui blockchain (SUI) coin has surprised…

April 25, 2025