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SEC Unauthorized Intrusion Raises Market Concerns

The SEC has reportedly experienced an unauthorized intrusion on its X account, resulting in a false announcement regarding the approval of Bitcoin ETFs. The SEC has stated that it is working with law enforcement to investigate the breach.

SEC Response and Ongoing Investigation

A spokesperson for the SEC confirmed that “this unauthorized access has been terminated” and announced that the SEC will be collaborating with law enforcement and government partners to investigate the incident. The SEC has not yet commented on the status of individual requests received from over a dozen asset managers for Bitcoin ETFs.

This swift response to the hack is one of the troubling aspects of this story. Many online users believe that recovering the agency’s X account would have taken longer in the case of a genuine hack.

This incident has prompted immediate reactions from the market and calls for clarification and transparency from lawmakers. Senator Hagerty highlighted the need for accountability, while Senator Cynthia Lummis expressed concern about the impact of fraudulent announcements on market manipulation. Both legislators are members of the Senate Banking Committee, which has jurisdiction over securities markets.

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