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U.S. Senators Demand Report from SEC after X Twitter Hack

Key Takeaways

U.S. Senators J.D. Vance and Thom Tillis have asked the SEC to provide details on an apparent breach of the agency’s official X Twitter account that falsely announced approvals for spot bitcoin ETFs.

The senators requested a report on the incident and an assessment of the SEC’s internal cybersecurity measures.

The senators have given the SEC until January 23 to submit the report, and inquired whether the agency could comply with mandated reporting of cyberattacks within four days.

There is uncertainty among potential bitcoin ETF issuers over whether the breach will affect the timeline for SEC approvals of spot bitcoin ETFs.

The Alleged X Hack

On January 9, the SEC’s @SECGov X account falsely announced that the agency had approved spot bitcoin exchange-traded funds ( according to Reuters). SEC Chair Gary Gensler later confirmed the account had been compromised.

An internal X investigation found that two-factor authentication was not enabled on the account when it was accessed by an unauthorized individual who gained control of the phone number associated with the account (according to Senators Tillis and Vance).

Several other government officials expressed concerns about the breach and its potential effects on financial markets.

SEC Requested to Report to Congress

In a letter to the SEC, Senators Vance and Tillis requested a report on the breach incident and the agency’s cybersecurity measures. They gave the SEC until January 23 to submit the report.

The senators also inquired whether the SEC could comply with mandates requiring the reporting of cyberattacks within four days, citing the agency’s own circumstances.

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