BlockBeats News, May 13th, according to Cointelegraph, the U.S. government has asked a federal judge to sentence Eric Council Jr. to two years in prison. Eric Council Jr. is an individual who helped spread false information, which involved the announcement of a Bitcoin spot ETF approval by the U.S. Securities and Exchange Commission (SEC) through the X account.

In a filing submitted to the U.S. District Court for the District of Columbia on May 12th, prosecutors recommended a two-year prison sentence for Council, as he had posted false information on the social media platform X, claiming that the SEC had approved a spot Bitcoin ETF for the first time in January 2024. This false statement shook the market within approximately 24 hours before the SEC actually approved a spot Bitcoin ETF, ultimately leading to Council's arrest.