What made this day a nightmare for crypto investors was that SEC officials did not do what was necessary to protect themselves. Gary Gensler said we were here to protect investors at every turn, but all he did was sue a crypto company. They are also considering suing malware like FTX after millions of people were defrauded, and will likely suppress Ripple for years to come.
SEC Will Be Accountable
According to Fox Business news, the SEC is expected to launch an internal investigation following fake confirmation sharing and BTC price fluctuations. The result was liquidation of millions of dollars, and US investors also suffered losses due to speculative moves. At this point, the SEC needs to determine how the security of the account has been compromised and make a statement.
Meanwhile, Senator Bill Hagerty made a very important statement. He said Congress would hold the SEC accountable and that what happened was unacceptable.
“Just like the SEC demands that a public company be held accountable if it makes a massive mistake that affects the markets, Congress needs answers about what just happened. This is unacceptable.”
Crypto and Speculation
If you have been active in the cryptocurrency market for the last 3-4 years and these things have taken place in your subconscious, you may be having dreams like these.
“You go to Walmart and buy some snacks from there. When you come to the cashier, you tell him that you want to pay with “Litecoin” and he will be happy to help you. Then you go home and catch up on the latest news regarding BlackRock’s spot XRP ETF application. When you turn on the television, according to Cointelegraph sources, there is breaking news that spot Bitcoin ETF approval has been given. You take your phone and go to Twitter. A notification appears from the official SEC account: “We have approved the Spot Bitcoin ETF”, but there is a smiling emoji at the end of the message.
Who can say that we haven’t experienced something like this in the last 3-4 years? A world where you can shop at Walmart with Litecoin reminded us of the extent of speculation in cryptocurrencies. Moreover, we saw that even the SEC was a source of speculation during the heyday of this business.
