Is the SEC manipulating the market? How does the industry view the fake news of Bitcoin ETF approval?

Author: Brayden Lindrea, Cointelegraph; Compiler: Songxue, Golden Finance

U.S. lawyers and senators called on Congress to ask the U.S. Securities and Exchange Commission to investigate after the X (formerly Twitter) account was leaked, and falsely reported the approval of a spot Bitcoin exchange-traded fund (ETF).

“Just as the SEC would hold a public company accountable if it made such a huge market mistake, Congress needs to understand what just happened. This is unacceptable,”U.S. Senator Bill Hagertysaid in a post from the X account on January 9.

U.S. Senator Cynthia Lummis also asked the U.S. Securities and Exchange Commission (SEC) to provide some transparency into the events that led to the false posts.

Fox Business's Charles Gasparino says securities lawyers told him SEC 'has to investigate itself' as to whether market exists Manipulative behavior.

Bloomberg ETF analyst James Seyffart said SEC Chairman Gary Gensler would be angry with the staff responsible for the alleged security breach.

"Gary would want someone working on this. (Honestly, I would do the same if I were him)."

Others, such as Cane Island Alternative Advisors Investment manager Timothy Peterson claimed that the SEC security breach was an incident of potential market manipulation, which is exactly what the commission is supposed to protect investors from.

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

US Attorney James (MetaLawMan) Murphy added in a post directed at Gensler: "I'm not pointing fingers, but someone in your organization "The oversight just ruined some real investors."

Bitcoin advocate Layah Heilpern noted that the SEC's false post lasted for 20 minutes before being removed, and during that time gained at least 4.4 million views.

“This is definitely market manipulation,” Heilpern claimed.

Fake News on Spot Bitcoin ETF on SEC X Account. Source:

Despite the news, Bloomberg ETF analyst Eric Balchunas said he still believes that between 4:00 p.m. and 5:00 p.m. ET (9:00 p.m. UTC) on January 10 10:00) official approval news for the Bitcoin spot ETF.