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SEC, Gensler face bipartisan backlash over X account hack on January 18, 2024 at 11:00 am Business News | The Hill
Securities and Exchange Commission (SEC) Chair Gary Gensler is facing bipartisan political backlash after the agency’s social media account was hacked last week and falsely claimed it had approved several highly anticipated bitcoin investment funds.
While the SEC ultimately approved the exchange-traded funds (ETFs) holding bitcoin about 24 hours later, the high-profile blunder for the agency puts Gensler in a tough spot as an already unpopular figure in the cryptocurrency world and among Republican lawmakers.
And some Democrats who have been generally pleased with Gensler are joining calls for investigations.
“Mainly, it was embarrassing for the SEC,” Ian Katz, managing director at research consultancy Capital Alpha Partners, told The Hill.
“It’s given ammunition to Gensler’s enemies and his opponents and people in Congress who don’t like him to begin with,” he added.
The SEC revealed last Tuesday afternoon that its account on X, formerly known as Twitter, had been hacked after it appeared to approve the spot bitcoin ETFs. The agency deleted the post after about 30 minutes and replaced it with a disavowal.
“The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products,” the agency said.
The incident quickly prompted calls from Republican lawmakers for the SEC to provide an explanation for the breach.
“Just like the SEC would demand accountability from a public company if they made such a colossal market-moving mistake, Congress needs answers on what just happened,” Sen. Bill Hagerty (R-Tenn.), a member of the Senate Banking Committee, said in a post on X. “This is unacceptable.”
Sens. JD Vance (R-Ohio) and Thom Tillis (R-N.C.) sent a letter to Gensler in the aftermath requesting information about the incident, noting the impact of the false announcement on the price of bitcoin.
The price of bitcoin briefly surged on the news, jumping to nearly $48,000, before falling to less than $46,000.
“These developments raise serious concerns regarding the Commission’s internal cybersecurity procedures and are antithetical to the Commission’s tripart mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation,” Vance and Tillis wrote.
The agency drew further scrutiny after X said a “preliminary investigation” found the hack was not due to a breach of the social media company’s systems but rather “an unidentified individual obtaining control over a phone number” associated with the account.
The social media company also said the SEC’s account did not have two-factor authentication enabled at the time of the hack.
Several Republican members of the House Financial Services Committee slammed the agency’s apparent lack of security measures in a letter to Gensler on Wednesday.
“This failure is unacceptable, and it is disturbing that your agency could not even meet the standard you require of private industry,” they wrote.
The criticisms of the SEC’s cybersecurity practices come as the agency recently enacted a rule requiring public companies to disclose significant cyber incidents that could affect investor decisions within four business days.
The rule has drawn stiff opposition from congressional Republicans, who are pushing to overturn the requirement using the Congressional Review Act.
However, the cyber disclosure rule is just one of many recent rulemaking and enforcement efforts by the agency under Gensler that have drawn Republican ire.
GOP lawmakers have also accused the SEC of overreach with its proposed climate disclosure rule and have repeatedly criticized what they view as Gensler’s heavy-handed approach to crypto regulation.
While Gensler has often faced Republican criticism, concern over the breach of the SEC’s account took on a bipartisan flavor when Sens. Ron Wyden (D-Ore.) and Cynthia Lummis (R-Wyo.) called on the SEC inspector general to probe the incident.
“Given the obvious potential for market manipulation, if X’s statement is correct, the SEC’s social media accounts should have been secured using industry best practices,” Wyden and Lummis wrote.
In a statement, Gensler noted there is “currently no evidence that the unauthorized party gained access to SEC systems, data, devices, or other social media accounts,” while also acknowledging the security concerns raised by the hack.
“The SEC takes its cybersecurity obligations seriously,” Gensler said.
Ron Hammond, director of government relations with the crypto industry group Blockchain Association, said the spotlight on the recent ETF decision “looped in a lot more folks from the traditional side” of finance and gave them “their first taste of what it’s like to be on the crypto side.”
“This was almost just like another week in crypto, just given the craziness that has occurred in this industry and the intersection of DC politics for the past at least two or three years probably, if not longer,” Hammond told The Hill.
Amid the chaos and criticism over the breach, the SEC ultimately approved the 11 spot bitcoin ETFs that were the subject of the hacked posts. The decision, which crypto supporters touted as a “historic outcome,” represents the first time that the agency has permitted the trading of funds directly invested in crypto assets.
The SEC previously rejected all applications for such funds. The agency’s shift on the issue comes after the U.S. Court of Appeals for the District of Columbia ruled in August that it improperly rejected an application for a spot bitcoin ETF from Grayscale Investments.
Gensler appeared less than enthusiastic in his statement about the approvals, describing it as “the most sustainable path forward” given the court’s decision. He also emphasized that the SEC’s approvals were confined to ETFs holding bitcoin.
“It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities,” Gensler said.
Katz suggested the hack was even more embarrassing for the agency because the SEC chair “didn’t really want to do these approvals anyway.”
Hammond added that Gensler and the agency are “definitely not in a good space” at the moment following the hack.
“We’ll see what happens through the letters and hearings and investigation of the FBI, but they’re not in a good spot at the SEC right now,” he said.
Business, Technology, bitcoin, cryptocurrency, cryptocurrency etfs, SEC hack, Securities and Exchange Commission Securities and Exchange Commission (SEC) Chair Gary Gensler is facing bipartisan political backlash after the agency’s social media account was hacked last week and falsely claimed it had approved several highly anticipated bitcoin investment funds. While the SEC ultimately approved the exchange-traded funds (ETFs) holding bitcoin about 24 hours later, the high-profile blunder for the…
Business
Why 9 Million Americans Have Left

The Growing American Exodus
Nearly 9 million Americans now live outside the United States—a number that rivals the population of several states and signals a profound shift in how people view the American dream. This mass migration isn’t confined to retirees or the wealthy. Thanks to remote work, digital nomad visas, and mounting pressures at home, young professionals, families, and business owners are increasingly joining the ranks of expats.

Rising Costs and Shrinking Wallets
Living in the US has become increasingly expensive. Weekly grocery bills topping $300 are not uncommon, and everyday items like coffee and beef have surged in price over the last year. Rent, utilities, and other essentials also continue to climb, leaving many Americans to cut meals or put off purchases just to make ends meet. In contrast, life in countries like Mexico or Costa Rica often costs just 50–60% of what it does in the US—without sacrificing comfort or quality.
Health Care Concerns Drive Migration
America’s health care system is a major trigger for relocation. Despite the fact that the US spends more per person on health care than any other country, millions struggle to access affordable treatment. Over half of Americans admit to delaying medical care due to cost, with households earning below $40,000 seeing this rate jump to 63%. Many expats point to countries such as Spain or Thailand, where health care is both affordable and accessible, as a major draw.

Seeking Safety Abroad
Public safety issues—especially violent crime and gun-related incidents—have made many Americans feel unsafe, even in their own communities. The 2024 Global Peace Index documents a decline in North America’s safety ratings, while families in major cities often prioritize teaching their children to avoid gun violence over simple street safety. In many overseas destinations, newly arrived American families report a significant improvement in their sense of security and peace of mind.
Tax Burdens and Bureaucracy
US tax laws extend abroad, requiring expats to file annual returns and comply with complicated rules through acts such as FATCA. For some, the burden of global tax compliance is so great that thousands relinquish their US citizenship each year simply to escape the paperwork and scrutiny.
The Digital Nomad Revolution
Remote work has unlocked new pathways for Americans. Over a quarter of all paid workdays in the US are now fully remote, and more than 40 countries offer digital nomad visas for foreign professionals. Many Americans are leveraging this opportunity to maintain their US incomes while cutting costs and upgrading their quality of life abroad.

Conclusion: Redefining the Dream
The mass departure of nearly 9 million Americans reveals deep cracks in what was once considered the land of opportunity. Escalating costs, inaccessible healthcare, safety concerns, and relentless bureaucracy have spurred a global search for better options. For millions, the modern American dream is no longer tied to a white-picket fence, but found in newfound freedom beyond America’s borders.
Business
Will Theaters Crush Streaming in Hollywood’s Next Act?

Hollywood is bracing for a pivotal comeback, and for movie lovers, it’s the kind of shake-up that could redefine the very culture of cinema. With the freshly merged Paramount-Skydance shaking up its strategy, CEO David Ellison’s announcement doesn’t just signal a change—it reignites the passion for moviegoing that built the magic of Hollywood in the first place.

Theatrical Experience Roars Back
Fans and insiders alike have felt the itch for more event movies. For years, streaming promised endless options, but fragmented attention left many longing for communal spectacle. Now, with Paramount-Skydance tripling its film output for the big screen, it’s clear: studio leaders believe there’s no substitute for the lights, the hush before the opening credits, and the collective thrill of reacting to Hollywood’s latest blockbusters. Ellison’s pivot away from streaming exclusives taps deep into what unites cinephiles—the lived experience of cinema as art and event, not just content.
Industry Pulse: From Crisis to Renaissance
On the financial front, the numbers are as electrifying as any plot twist. After years of doubt, the box office is roaring. AMC, the world’s largest theater chain, reports a staggering 26% spike in moviegoer attendance and 36% revenue growth in Q2 2025. That kind of momentum hasn’t been seen since the heyday of summer tentpoles—and it’s not just about more tickets sold. AMC’s strategy—premium screens, with IMAX and Dolby Cinema, curated concessions, and branded collectibles—has turned every new release into an event, driving per-customer profits up nearly 50% compared to pre-pandemic norms.
Blockbusters Lead the Culture
Forget the gloom of endless streaming drops; when films like Top Gun: Maverick, Mission: Impossible, Minecraft, and surprise hits like Weapons and Freakier Friday draw crowds, the industry—and movie fans—sit up and take notice. Movie-themed collectibles and concession innovations, from Barbie’s iconic pink car popcorn holders to anniversary tie-ins, have made each screening a moment worth remembering, blending nostalgia and discovery. The focus: high-impact, shared audience experiences that streaming can’t replicate.
Streaming’s Limits and Studio Strategy
Yes, streaming is still surging, but the tide may be turning. The biggest franchises, and the biggest cultural events, happen when audiences come together for a theatrical release. Paramount-Skydance’s shift signals to rivals that premium storytelling and box office spectacle are again at the center of Hollywood value creation. The result is not just higher profits for exhibitors like AMC, but a rebirth of movie-going as the ultimate destination for fans hungry for connection and cinematic adventure.

Future Forecast: Culture, Community, and Blockbuster Dreams
As PwC and others warn that box office totals may take years to fully catch up, movie lovers and industry leaders alike are betting that exclusive theatrical runs, enhanced viewing experiences, and fan-driven engagement are the ingredients for long-term recovery—and a new golden age. The Paramount-Skydance play is more than a business move; it’s a rallying cry for the art of the theatrical event. Expect more big bets, more surprises, and—finally—a long-overdue renaissance for the silver screen.
For those who believe in the power of cinema, it’s a thrilling second act—and the best seat in the house might be front and center once again.
Business
Why Are Influencers Getting $7K to Post About Israel?

Influencers are being paid as much as $7,000 per post by the Israeli government as part of an expansive and sophisticated digital propaganda campaign. This effort is designed to influence global public opinion—especially among younger social media users—about Israel’s actions in Gaza and to counter critical narratives about the ongoing humanitarian situation.

How Much Is Being Spent?
Recent reports confirm that Israel has dedicated more than $40 million this year to social media and digital influence campaigns, targeting popular platforms such as TikTok, YouTube, and Instagram. In addition to direct influencer payments, Israel is investing tens of millions more in paid ads, search engine placements, and contracts with major tech companies like Google and Meta to push pro-Israel content and challenge critical coverage of issues like the famine in Gaza.
What’s the Strategy?
- Influencer Contracts: Influencers are recruited—often with all-expenses-paid trips to Israel, highly managed experiences, and direct payments—to post content that improves Israel’s image.
- Ad Campaigns: State-backed ad buys show lively Gaza markets and restaurants to counter global reports of famine and humanitarian crisis.
- Narrative Management: These posts and ads often avoid overt propaganda. Instead, they use personal stories, emotional appeals, and “behind the scenes” glimpses intended to humanize Israel’s side of the conflict and create doubt about reports by the UN and humanitarian agencies.
- Amplification: Paid content is strategically promoted so it dominates news feeds and is picked up by news aggregators, Wikipedia editors, and even AI systems that rely on “trusted” digital sources.
Why Is This Happening Now?
The humanitarian situation in Gaza has generated increasing international criticism, especially after the UN classified parts of Gaza as experiencing famine. In this environment, digital public relations has become a primary front in Israel’s efforts to defend its policies and limit diplomatic fallout. By investing in social media influencers, Israel is adapting old-school propaganda strategies (“Hasbara”) to the era of algorithms and youth-driven content.
Why Does It Matter?
This campaign represents a major blurring of the lines between paid promotion, journalism, and activism. When governments pay high-profile influencers to shape social media narratives, it becomes harder for audiences—especially young people—to distinguish between authentic perspectives and sponsored messaging.

In short: Influencers are getting $7,000 per post because Israel is prioritizing social media as a battleground for public opinion, investing millions in shaping what global audiences see, hear, and believe about Gaza and the conflict.
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