U.S. Government Seeks Two-Year Prison Sentence for Eric Council Jr. Over False Bitcoin ETF Claims

In a developing case reported by COINOTAG on May 13th, Cointelegraph reveals that the United States government has requested a two-year prison term for Eric Council Jr. Council is implicated in disseminating misleading information regarding the approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC). On May 12th, prosecutors submitted a filing to the U.S. District Court for the District of Columbia, asserting that Council’s claims on the social media platform X prompted significant market fluctuations.

Council’s false assertion, claiming that the SEC had granted approval for a spot Bitcoin ETF in January 2024, caused considerable unrest in the cryptocurrency community. The misinformation surged through the market within a mere 24 hours prior to the SEC’s actual endorsement of the product. As a result of his actions, Council’s activities have not only drawn legal scrutiny but also raised broader concerns regarding the impact of misinformation on crypto markets.