In a shocking turn of events, renowned whistleblower Edward Snowden has publicly criticized Gary Gensler, Chair 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 (formerly Twitter) account.
The incident, which occurred after the SEC’s official X account was hacked, led to widespread confusion and raised questions about the credibility of information disseminated by government entities. The false information quickly spread across social media platforms, with numerous high-profile media accounts on X echoing the fake news.
The excitement generated by the initial announcement was short-lived, as Gary Gensler’s personal account later confirmed the compromising of the SEC’s official account. In a subsequent tweet, Gensler clarified that no approval for Bitcoin spot ETFs had been granted, 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 hold back in expressing his disapproval of the situation. Tweets from Snowden, including statements like “jesus christ gary get your s*** together” and “you had one job,” added fuel to the already intense online discussion.
Snowden’s tweets have since been deleted, but their impact on the public perception of government agencies’ online communications remains significant. The incident raises concerns about the potential consequences of misinformation spread by official channels, especially in the financial sector where accurate and timely information is crucial.
Compounding the issue is the uncertainty surrounding the official approval of Bitcoin ETF applications on Jan. 10. With trust in the SEC’s communication channels compromised, there are doubts about the feasibility of the projected timeline for spot Bitcoin ETF approval.
The incident has left market participants and crypto enthusiasts questioning the reliability of information from regulatory bodies. As the SEC works to address the fallout from the hack, the incident serves as a stark reminder of the challenges posed by the digital age in maintaining the integrity of information disseminated by government entities.
