Ripple Executives Demand Transparency Amid SEC’s ETF Approval Confusion

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The crypto community experienced a rollercoaster ride sparked by the SEC’s X handle announcing the approval of the Spot Bitcoin ETF. However, the excitement was short-lived as SEC Chair Gary Gensler later claimed the account was compromised, triggering a backlash and accusations of market manipulation.

Compromised and Clarified

The day began with the unexpected announcement of the Spot Bitcoin ETF approval, creating shockwaves across the crypto space. The SEC’s X handle, in a now-controversial tweet, conveyed the regulator’s nod to the ETF, impacting not only the XRP community but the broader crypto market.

Following the chaos, Ripple executives, including Chief Legal Officer Stuart Alderoty and XRP lawyer Bill Morgan, took to the X platform to express concerns and demand transparency. 

Alderoty stressed the need for accountability and urged the regulator to disclose details about the incident within four days as per the SEC’s own rules.

Market Reactions and Accusations

The aftermath saw accusations of market manipulation, with some speculating that the SEC orchestrated the confusion. Senior Bloomberg ETF analyst Eric Balchunas raised eyebrows by suggesting it might be a case of a “scheduled tweet gone bad.” The drama has fueled scepticism about the reliability of regulatory communications, especially in a space as volatile as crypto.

The SEC’s mix-up regarding the Spot Bitcoin ETF approval has not only raised eyebrows but also intensified the call for transparent and consistent communication from regulatory bodies. 

The SEC, already under scrutiny, now faces additional backlash as the crypto community questions the integrity of the regulatory body. Eric Balchunas, among others, hints at the SEC potentially trying to cover up its mistake, pointing to a mis-scheduled tweet as the root cause.