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On Tuesday, January 9, U.S. Senators, JD Vance and Thom Thrills despatched a letter to the Securities and Exchange Commission (SEC) demanding a solution to the latest X account hack and Bitcoin ETF approval farce. In addition, based on Fox Journalist, Eleanor Terrett, extra congressional letters are set to hit SEC Chairman Gary Gensler’s inbox.

Also Read: VanEck Advisor Labels SEC’s Fake Bitcoin ETF Approval Post As ‘Inside Job’

Senators’ Stance On Recent Bitcoin ETF Controversy

In a joint letter addressed to Gary Gensler, the Senators expressed deep concern over the company’s social media communication relating to the errant approval of Spot Bitcoin ETFs. They highlighted a vital timeline the place the SEC’s official X account initially introduced approval, inflicting a surge in Bitcoin’s worth. However, they later clarified the announcement as unauthorized, citing that their social media account was hacked.

Moreover, the letter emphasizes the potential impression on traders and questions the SEC’s inner cybersecurity procedures. Senators are demanding readability, urging the SEC to handle the character of the breach, present particulars on the investigation, and clarify plans to rectify monetary losses for affected traders. The SEC is urged to reply to the inquiries by January 23, 2024, as Vance and Thrills name for transparency amid this important regulatory mishap.

In addition, the letter questioned the regulatory physique if any worker was behind the account breach or if a 3rd social gathering was to be blamed. Furthermore, the Senators deemed the false Spot Bitcoin ETF approval put up as a “colossal error” on the SEC’s half. In the letter, they said, “It is unacceptable that the agency entrusted with regulating the epicenter of the world’s capital markets would make such a colossal error.”

SEC Receives Massive Backlash

After the SEC’s X account was compromised and the faux ETF approval put up despatched shockwaves via the business, U.S. regulatory company attracted criticism. In a latest put up on X, Rep. Bill Huizenga closely criticized Gary Gensler. Quoting the SEC Chair’s tweet, Huizenga wrote, “Does this mean we can blame more of the @secgov’s horrible rulemaking and so-called regulation by enforcement on a ‘compromised account’?”

Recently, Bloomberg ETF analyst Eric Balchunas held SEC liable for the occasion. According to a put up on X by Balchunas, it was a results of a “scheduled tweet gone bad.” In addition, Anthony Scaramucci, the Former White House Communications Director, disputed SEC Chair Gensler’s declare that the company’s X account was compromised. Scaramucci asserted {that a} SEC employees member prematurely shared the information. He perceives it because the “amateurish and dishonest nature of the current SEC leadership regime.”

Also Read: US SEC Faces Massive Backlash Over Fake Spot Bitcoin ETF ‘Approval’ Post

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