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Fake Bitcoin ETF Incident: Ripple CLO Insists On SEC’s Full Disclosure Within 4-Day Deadline

Press Releases Crypto News Bitcoinist Fake Bitcoin ETF Incident: Ripple CLO Insists On SEC’s Full Disclosure Within 4-Day Deadline

The US Securities and Exchange Commission (SEC) is in a delicate position following a “compromising” event involving its X (formerly Twitter) account, which has Ripple executives demanding answers.

The account posted a false announcement stating that all spot Bitcoin ETF applications had been approved by the regulatory body, escalating concerns and demands for transparency.

Ripple Demands SEC Accountability

Ripple Chief Legal Officer Stuart Alderoty has called on the SEC to adhere to its rules, which stipulate that within four days, the regulatory body should disclose the nature and scope of the incident and its impact on the crypto market.

Ripple CLO also emphasizes describing the SEC’s processes for assessing, identifying, and preventing similar cybersecurity threats. Alderoty stated:

Per *its own rules*, w/in 4 days the SEC should disclose the incident’s nature and scope, and the impact on the market along with a description of its processes for assessing, identifying, and preventing such cybersecurity threats… We’ll be waiting with bated breath.

The call for transparency is rooted in the SEC’s own rules, introduced in July 2023, which require companies to disclose material cybersecurity incidents and describe their impact.

SEC Chair Gary Gensler, upon disclosing the rules, highlighted the importance of consistent and decision-useful cybersecurity disclosure for companies and investors alike.

The rules mandate that registrants report any material cybersecurity incident on Item 1.05 of Form 8-K within four business days of de

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Author: Ronaldo Marquez

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