House Republicans Seek Clarification from SEC Regarding Misleading Post on X

House Republicans Demand SEC Briefing on False Bitcoin ETF Approval

House Republicans have written a letter to the Securities and Exchange Commission (SEC), demanding a briefing about a false post that claimed the approval of spot bitcoin ETFs. The lawmakers emphasized the importance of the SEC’s ability to communicate with market participants and protect investors. The phony post, which was later confirmed to be a compromise, misled the agency’s followers before Chair Gary Gensler clarified the situation. The lack of two-factor authentication for the SEC’s account was criticized by House Financial Services Committee members. They also highlighted the agency’s cybersecurity risk management rule and called for transparency in response to the incident.

Congress Responds to Spot Bitcoin ETF Approval

While some lawmakers criticized the SEC’s handling of the compromised post, others viewed the approval of spot bitcoin ETFs as historic. Chair Gensler’s decision to vote in favor of approving the ETFs differed from his fellow Democratic commissioners. Representative Wiley Nickel praised the approval but also called for Congress to push back against the SEC’s approach to digital assets. Crypto-friendly lawmakers supported the move, seeing it as an opportunity to push for legislation that provides clarity and access to crypto assets for millions of Americans.

Hot Take: SEC Faces Scrutiny over False Bitcoin ETF Approval

House Republicans have demanded a briefing from the SEC following a false post about spot bitcoin ETF approval. The agency’s compromised Twitter account caused confusion among market participants before clarification was provided by Chair Gary Gensler. Lawmakers criticized the lack of two-factor authentication for the SEC’s account and called for transparency in response to the incident. While some lawmakers commended the approval of spot bitcoin ETFs, others questioned the SEC’s approach to digital assets. This incident highlights the need for legislation that provides clarity and accessibility for crypto assets.