SEC Faces Self-Investigation for Market Manipulation After Fake Bitcoin ETF News
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- SEC Twitter account compromised, falsely announces Bitcoin ETF approval.
- Lawyers suggest investigating the SEC for potential market manipulation and violations of its own cybersecurity rules.
- Rejecting pending applications after expediting the process could be unprecedented, as per securities lawyers.
The U.S. Securities and Exchange Commission (SEC), tasked with upholding market integrity, finds itself in the position of possibly having to investigate itself for market manipulation following a chaotic Tuesday in the crypto world.
Lawyers are suggesting an investigation into the SEC by the SEC after a fake spot Bitcoin ETF approval news on the regulator’s X account sent Bitcoin’s price soaring, only to plummet when declared a hack. Aside from potential market manipulation, the SEC could also be facing violations of its own rules on “cybersecurity risk management.”
The saga began early Tuesday morning when a seemingly official SEC post proclaimed the greenlighting of the first-ever spot Bitcoin ETF. This sent shockwaves through the crypto market, with Bitcoin’s price surging from $46,700 to nearly $48,000 before crashing back down to…
The post SEC Faces Self-Investigation for Market Manipulation After Fake Bitcoin ETF News appeared first on Coin Edition.
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