US Congress Investigate SEC Security After Counterfeiting Bitcoin ETF Announcement On X

JAKARTA - US lawyers and senators have asked the US Congress to investigate the US Securities and Exchange Commission (SEC) after its previously Twitter (X) social media account was reportedly hacked and spread false news that the Exchange-Trad Funds (ETF) Bitcoin spots had been approved.

"Just as the SEC will demand accountability from public companies if they make a market error of this magnitude, Congress needs answers about what just happened. This is unacceptable," said US Senator Bill Hagerty, in a post X on January 9.

US Senator Cynthia Lummis also demanded that the SEC provide some transparency information regarding the incident that caused the fake post.

Fox Business's Charles Gasparino said he had been told by security lawyers that the SEC "will have to investigate itself" for market manipulation.

Concerns were expressed by US House Speaker Ann Wagner, who called the incident a "clear market manipulation" affecting millions of investors.

"I plan to get more answers from Chair Gensler about this incident," Wagner added.

ETF Bloomberg analyst James Seyffart proposed that SEC Chair Gary Gensler should be angry with the staff in charge of alleged security breaches.

"Gary definitely wants to see someone in charge of this. (Honestly I would also be if I were in his position)," Seyffart said.

Others, such as investment manager Timothy Peterson of Cane Island Alternative Advisors, claim that the SEC's security breach is a potential market manipulation event, which the commission should have anticipated to protect investors.

How can @SECGov protect hundreds of millions of investors when they can't even protect their own social media accounts, Peterson said.

Layahwahpern, a Bitcoin supporter, noted that the SEC's fake posts remained in place for 20 minutes before being removed and amassed at least 4.4 million viewers over that time.

"This is absolute market manipulation,"saipern claimed.

Despite the news, Bloomberg ETF analyst Eric Balchunas said he was still seeking official approval for the Bitcoin ETF spot between 16.00 and 17.00 Eastern Time (21.00 to 22.00 UTC) on January 10.