Well-known whistleblower Edward Snowden recently attacked Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC), was convicted of a serious error, including a misleading statement regarding the approval of a Bitcoin spot exchange-traded fund (ETF). Gensler was accused of making a false declaration. Due to this incident, concerns have grown about the legitimacy of the Securities and Exchange Commission (SEC), as well as about market manipulation and cybersecurity inside the regulatory organization.
At the beginning of the controversy, the official Twitter account of the Securities and Exchange Commission (SEC) was hacked, resulting in the spread of misinformation that the SEC had authorized Bitcoin spot ETFs for listing and trading. This illegal tweet, which was viewed millions of times before being removed, caused a significant change in the price of Bitcoin, which rose for a short time before seeing a massive decline.
Snowden, who now lives in Russia and is wanted in the United States on espionage charges, took to his official account to express his dissatisfaction with Gensler. He said, “Jesus Christ Gary, mind your own business” and “You had a job.” The statements he made reflect a more widespread sentiment among crypto fans and Wall Street executives who have questioned Gensler’s approach to regulatory policy. According to multiple people familiar with the business, Gensler is notorious for his heavy-handed approach to crypto regulation, which often goes beyond the scope of his legislative power.
These incidents have highlighted the Securities and Exchange Commission (SEC)’s problematic position in the cryptocurrency business. Many have accused the SEC of exceeding its jurisdiction and blurring the boundaries of its mandate. Additionally, the hacking incident has drawn attention to cybersecurity procedures enforced by the SEC, which have recently been strengthened to compel regulated firms to report significant cybersecurity incidents and strategy.
This was part of a larger narrative in which the Securities and Exchange Commission (SEC) is preparing for an important announcement on the approval of a Bitcoin spot ETF. The fake statement about the Bitcoin ETF was a part of this larger narrative. This permission is an important step towards the growth of the cryptocurrency market, which is already valued at $1.7 trillion and has the potential to attract millions of individual investors. However, doubts have arisen as a result of the incident and the SEC’s response, regarding the timetable and certainty of these approvals.
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In general, this incident not only had an impact on the price of Bitcoin in the market, but it also raised a lot of concerns over the SEC’s ability to handle sensitive information and keep the market stable. While the industry waits for the SEC to make a decision regarding spot Bitcoin exchange-traded funds (ETFs), investigations into the legality and functioning of the regulatory body are ongoing.
At the time of writing, Edward Snowden has deleted his tweets criticizing the SEC and its Chairman Gary Gensler, adding another layer of complexity to the unfolding story about this cybersecurity breach and its impact on the crypto market. Is.
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