According to Cointelegraph, the U.S. government has requested a federal judge to sentence Eric Council Jr. to two years in prison for his role in releasing false information claiming that the SEC had approved a Bitcoin ETF. On May 12, prosecutors from the U.S. District Court for the District of Columbia recommended Judge Amy Berman Jackson sentence Council to two years in prison. The false information caused market turmoil, leading to Council's arrest. Prosecutors stated that the case should result in a sentence within the guidelines due to his profits from a complex fraudulent scheme. As of May 12, Council's legal team had not responded to the sentencing recommendation, and he is scheduled to appear in court on May 16. Council admitted to participating in SIM card swapping attacks, taking control of the SEC's X account, and posting false information. The SEC subsequently deleted the post and announced formal approval. The price of Bitcoin surged by over $1,000 following the release of the false information. The interim leader appointed by Trump will decide this case and others.

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