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Lawmakers Are Out for Blood After a Hack of the SEC’s X Account Causes Bitcoin Chaos
The US Securities and Exchange Commission is under pressure to explain itself after its X account was compromised, leading to wild swings in the bitcoin market.
At 4:11 pm ET on January 9, a post was published to the SEC’s X account announcing the approval of spot bitcoin ETFs, a type of financial product that would allow people to invest in the crypto asset through a regular brokerage. There has been speculation by media outlets, including Fox Business, that the SEC might be tasked with investigating itself over market manipulation infractions, as a regulator responsible for protecting US investors from precisely that threat. The incident is “antithetical to the Commission’s tripart mission to protect investors, maintain a fair, orderly and efficient market, and facilitate capital formation,” the pair wrote.
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