In a surprising turn of events, renowned whistleblower Edward Snowden has publicly criticized Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), for the misleading announcement of the approval of a Bitcoin spot exchange-traded fund (ETF) via the official SEC X account (formerly Twitter).
In a surprising turn of events, renowned whistleblower Edward Snowden has publicly criticized Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), for the misleading announcement of the approval of a Bitcoin spot exchange-traded fund (ETF) via the official SEC X account (formerly Twitter).
The incident, which occurred after the SEC’s official X account was hacked, generated widespread confusion and raised questions about the credibility of information disseminated by government entities. False information spread quickly across social media platforms, and numerous high-profile media accounts on X echoed the fake news.
The excitement generated by the initial announcement was short-lived, as Gary Gensler’s personal account later confirmed the compromise of the SEC’s official account. In a later tweet, Gensler clarified that no approval had been granted for Bitcoin spot ETFs, attracting an audience of over 23.9 million views.
SEC faces backlash
Edward Snowden, known for his outspoken views on privacy and government transparency, did not hesitate to express his disapproval of the situation. Snowden’s tweets, which included statements such as “Jesus Christ Gary, get on with it” and “you had a job,” added fuel to the already intense online discussion.
Snowden’s tweets have since been deleted, but their impact on public perception of online communications from government agencies remains significant. The incident raises concerns about the possible consequences of misinformation spread through official channels, especially in the financial sector where accurate and timely information is crucial.
Compounding the problem is the uncertainty around the official approval of Bitcoin ETF applications on January 10. With trust in the SEC’s communication channels compromised, there are questions about the viability of the projected timeline for timely approval of Bitcoin ETFs.
The incident has left market participants and cryptocurrency enthusiasts questioning the reliability of information from regulatory bodies. As the SEC works to address the fall Since the hack, the incident serves as a stark reminder of the challenges the digital age poses to maintaining the integrity of information disseminated by government entities.
