SEC Faces Backlash from Crypto Leaders for Erroneous Bitcoin ETF Tweet
The Securities and Exchange Commission (SEC) has found itself in hot water after an unauthorized tweet on its official account suggested that spot Bitcoin exchange-traded funds (ETFs) had been approved.
The incident, which caused significant volatility in the crypto market, has drawn the ire of crypto leaders. Many traders and investors have expressed their frustrations on social media.
“Today, the @SECGov continued its quest to harm US investors. Time for the SEC to hold the SEC accountable!” Tyler Winklevoss, co-founder of Gemini, tweeted.
He further speculated that the SEC’s enforcement division might receive a Wells Notice from its own enforcement division.
Today, the @SECGov continued its quest to harm US investors. Time for the SEC to hold the SEC accountable!
— Tyler Winklevoss (@tyler) January 9, 2024
Brad Garlinghouse, CEO of Ripple, who has had his own legal battle with the SEC, took a sarcastic tone and suggested that the agency should investigate itself.
He posted, “Days like this remind me that 1/ the SEC should be investigating itself for multiple things 2/ crypto Twitter remains undefeated in memes.”
Michael Saylor, co-founder of MicroStrategy, commented on the situation by stating, “Bitcoin will be the only thing ever approved twice by the @SECGov.”
Saylor’s remark highlighted the irony of the false tweet and the potential impact on the perception of the SEC’s credibility.
Paul Grewal, Chief Legal Officer of Coinbase, also expressed his frustration at the recent incident.
“I’m biting my tongue so hard it’s bleeding…,” Grewal said, alluding to the ongoing legal battle between Coinbase and the SEC.
Biting my tongue so hard it's bleeding…
— paulgrewal.eth (@iampaulgrewal) January 9, 2024
Coinbase
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