SEC is A Menace, Claims Ripple CLO Amid Spot Bitcoin ETF Confusion

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.

Also Read: Could the SEC Twitter Breach Further Delay Spot Bitcoin ETFs?

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.

Also Read: Fake Tweet on Bitcoin ETF Approval Causes Chaos in Crypto Market: 900 Million Liquidations in 24 Hours