With the dust yet to settle from yesterday’s false Bitcoin ETF approval tweet, the SEC is set to face a series of lawsuits from big industry names in that regard. Crypto high hopers embraced the news with glee last night, only to be disappointed about an hour later with the regulator stating that the “unauthorized” tweet was due to a compromised Twitter account.
The SEC Must Be Held Accountable, Says Senator Bill Hagerty
Businessman and Tennessee state senator, Bill Hagerty, has described the SEC’s fake spot bitcoin ETF approval as a “collosal market-moving mistake” and “completely unacceptable.” According to Hagerty who is also a member of the Senate Banking and Foreign Relations Committees, the SEC needs to answer to Congress on what just happened.
“Just like the SEC would demand accountability from a public company if they made such a colossal market-moving mistake, Congress needs answers on what just happened. This is unacceptable,” tweeted Hagerty.
The SEC, especially under its current chief Gary Gensler, has always been associated with the skepticism and the daredevil policing with which it approaches issues pertaining to cryptocurrency and related infrastructure. The agency would have most likely escalated a blunder of this magnitude if it had come from the crypto industry, which explains why everyone affected wants it to bear the brunt of the mistake.
Lawsuits Brewing Against the SEC over the Manipulative Approval Announcement
Some industry titans, besides voicing out their displeasure with the SEC over the deceptive announcement, have also made a move to sue the SEC over market manipulation. One of such people is Ran Neuner, Founder of Onchain Capital and Host of CNBC’s Crypto Trader.
“I’m suing the SEC and Gary Gensler for market manipulation,” said Neuner on X.
Richard Heart, American cryptocurrency founder, is another dignitary that’s voiced out his legal tussle with the SEC. In Heart’s words, he’s “fighting the SEC for your rights.”
11 of Heart’s lawyers, yesterday, filed a reply to an earlier SEC complaint, with the crux being to give blockchain technology greater foothold and freedom, using his own cryptocurrencies as the focal point.
“I am fighting the SEC for your rights. 11 of my lawyers filed this today. Ironically, today, the SEC’s twitter account was hacked and a fraudulent message was posted. The blockchain literally solves exactly this problem. The SEC is attacking the very tech that it needs. Cryptographically verifiable authentication, proof and publication… Technology is the future. We pray to the courts to defend the constitution and your rights. #Bitcoin,” said Heart.
While Heart’s filing isn’t directly linked to the SEC’s false tweet, he announced it in the wake of the event to intensify the SEC’s backwardness in terms of blockchain technology and how embracing the technology would have prevented issues such as this one.