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The day turned into a nightmare for crypto investors as SEC officials did not make the necessary effort to protect themselves. Gary Gensler said at every opportunity that we are here to protect investors, and the only thing he did was to sue crypto companies. Moreover, while he manages to sue harmful ones like FTX after they defrauded millions of people, he has been trying to suffocate Ripple for years.
SEC Will Be Held Accountable
According to Fox Business news, an internal investigation by the SEC is expected following the sharing of fake approval and fluctuations in BTC price. This situation caused millions of dollars in liquidation, and US investors also lost money in speculative actions. The SEC needs to determine how account security was compromised at this point and make a statement.
On the other hand, Senator Bill Hagerty made a very important statement. He said that Congress would hold the SEC accountable and that what happened was unacceptable;
“Just as the SEC would demand accountability from a publicly traded company for making a massive mistake that affects the markets, Congress also needs answers regarding what just happened. This is unacceptable.”
Crypto and Speculation
If you have been in the crypto markets for the last 3-4 years and these wrong last minutes have settled in your subconscious, you might have dreams like this.
“You go to Walmart and buy some snacks. When you get to the cashier, you say you want to pay with “Litecoin,” and they are happy to assist you. Then you go home and follow the latest news related to BlackRock’s recent spot XRP ETF application. When you turn on the TV, the information that a spot Bitcoin ETF has been approved is breaking news according to Cointelegraph sources. You pick up your phone and enter Twitter, a notification drops from the official SEC account “We have approved the Spot Bitcoin ETF” but at the end of the message, there is a smiley emoji.”
Who can say that we haven’t experienced these in the last 3-4 years? Somewhere in our minds, the world where we can shop at Walmart with Litecoin reminds us of how far speculation has come in crypto. Moreover, we witnessed that even the SEC is material for speculation at the top of this business.
The bad part is that when we wake up in the morning, the SEC could announce ETF rejections without taking any responsibility, saying “this is crypto.” Or we will see that it has been approved, only time will tell.
