SEC should face consequences for recent account breach: Senator Hagerty demands
Senator Bill Hagerty of Tennessee has called for the Securities and Exchange Commission (SEC) to be held accountable following a recent compromise of its social media account. In a statement posted on X, Hagerty criticized the SEC for making a “market-moving mistake” and emphasized the need for consequences. The incident occurred when the SEC’s official X account falsely claimed that bitcoin ETFs had received approval, causing temporary market volatility. An SEC spokesperson cited a compromised account as the cause of the misinformation. The incident comes just ahead of a scheduled meeting by the House Financial Services Committee’s digital asset subcommittee to discuss the evolving regulatory landscape for digital assets in the US. The impact of the compromised account on the SEC’s decision concerning bitcoin ETFs, expected by industry players, remains uncertain. Meanwhile, users on X have responded with meme posts, some of which uncovered previous posts from the SEC and its Chairman Gary Gensler. This incident has reignited concerns about internet misinformation and the need for accurate information from reliable sources, including the SEC.