SEC states it will collaborate with law enforcement after ‘unauthorized access’ to X account
The Securities and Exchange Commission (SEC) announced on Tuesday that an unauthorized party gained access to its account, resulting in a false post regarding the approval of spot bitcoin ETFs. The SEC spokesperson confirmed that the unauthorized access has now been terminated. The regulator plans to cooperate with law enforcement and government partners to investigate the incident and determine the appropriate actions to address the breach and any associated misconduct.
The cryptocurrency industry was taken by surprise when a post was published on the SEC’s account via X, indicating that the agency had granted approval for listing bitcoin ETFs on all registered securities exchanges. However, SEC Chair Gary Gensler swiftly rectified the situation through his personal account, clarifying that no such approval had been given.
Market analysts have been eagerly awaiting the SEC’s decision on whether to approve a spot bitcoin ETF, with expectations that the announcement would occur as early as Wednesday. Currently, the SEC has not disclosed the status of the applications received from numerous asset managers.
In response to the incident, Senator Bill Hagerty of Tennessee expressed his concerns on X, demanding clarification and accountability from the SEC. Senator Cynthia Lummis of Wyoming also emphasized the need for transparency and highlighted the potential market manipulation resulting from fraudulent announcements. Both lawmakers sit on the Senate Banking Committee, which holds jurisdiction over the securities markets.