According to social media company, the Securities and Exchange Commission (SEC), did not implement basic security measures when its X account (formerly Twitter) was “compromised”, to spread false Bitcoin ETF news.

X’s Safety team announced late Tuesday that it had finished its “preliminary investigations” into SEC’s false, market-moving post about the approval of bitcoin ETF application, which regulator blamed its “compromised account”.

The X Safety account published.

The explanation seems to rule out the “insider job” or “fat-finger” theory. BTC Price Index and Live Chart – CoinDesk”>(BTC) price pumped on the post, but quickly crashed after SEC Chair Gary Gensler clarified that the post was phony.

The incident has raised new questions about the basic security measures taken by the SEC. This is the most powerful investment regulator of the United States, and its statements are closely monitored and traded. Gensler has encouraged investors in the past to take security seriously.

Senators J.D. Vance and Thom Tillis have written to the SEC requesting an explanation for its cybersecurity lapse.

They wrote: “It’s unacceptable that an agency charged with overseeing the epicenter of global capital markets could make such a colossal mistake.”

We can confirm that two-factor authentication was not enabled on the account at the time it was compromised. “We encourage all users of this extra layer to activate it,” X wrote.

Click here to read the full article on bitcoin ETFs.

A SEC spokesperson didn’t immediately respond to a comment request on the statement.

UPDATE: Added details to the letter of response sent by U.S. legislators to SEC.

Nikhilesh De.