Ripple Executives Call for Transparency Amid SEC’s Confusion over Approval of ETF

Compromised and Clarified: The SEC’s Spot Bitcoin ETF Announcement Spurs Controversy

The cryptocurrency community was taken on a wild ride when the SEC’s X handle declared the approval of the Spot Bitcoin ETF. However, the excitement was short-lived as SEC Chair Gary Gensler later asserted that the account had been compromised, leading to a backlash and allegations of market manipulation.

The day commenced with the surprising announcement of the Spot Bitcoin ETF approval, causing shockwaves throughout the cryptocurrency realm. In a tweet that has since sparked controversy, the SEC’s X handle conveyed the regulator’s approval of the ETF, impacting not only the XRP community but the wider crypto market.

In the wake of the chaos, Ripple executives, including Chief Legal Officer Stuart Alderoty and XRP lawyer Bill Morgan, utilized the X platform to express their concerns and demand transparency. Alderoty emphasized the necessity for accountability and urged the regulator to divulge details about the incident within the designated four-day period, in accordance with the SEC’s own regulations.

The aftermath saw allegations of market manipulation, with some speculating that the SEC orchestrated the confusion. Senior Bloomberg ETF analyst Eric Balchunas raised eyebrows by suggesting that it might be a case of a “scheduled tweet gone bad.” This drama has fueled skepticism regarding the reliability of regulatory communications, particularly in such a volatile space as crypto.

The SEC’s mishap regarding the approval of the Spot Bitcoin ETF has not only raised eyebrows but also intensified the demand for transparent and consistent communication from regulatory entities. Already under scrutiny, the SEC now faces additional backlash as the crypto community questions the integrity of the regulatory body. Eric Balchunas, among others, hints at the SEC potentially attempting to conceal its mistake, pointing to a mis-scheduled tweet as the underlying cause.

Tags: Ripple (XRP)