Lawmakers Call For Investigation Into SEC

By Vince • January 13, 2024 11:07 am • Comments

It is times like these that show how truly dishonest and feckless the Securities and Exchange Commission (SEC) is as an agency.

Following the recent high-profile hack of the SEC’s X social media account, in which the agency falsely posted that the long-awaited Bitcoin ETFs had finally been approved, the crypto community wants answers.

Alongside concerned members of the investing public are Senator Ron Wyden (D-OR) and Senator Cynthia Lummis (R-WY), who recently penned a letter to SEC Chair Gary Gensler demanding accountability for the security breach.

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Gensler’s response to a worried public was to claim that there was no evidence of a hack. It’s no secret that Gensler has had his fair share of trouble with lawmakers recently, who say that Gensler is completely out of control.

Legislation has even been drafted by Congressional lawmakers in an effort to reign in Gensler and the rogue SEC. Here’s the most recent letter sent from lawmakers to Gensler:

Bitcoinist broke down the likely cause of the security failure:

X stated that the non-existence of an MFA allowed an unauthorized person to access the SEC’s X account by gaining control of a phone number associated with the said number.

The US Senators stated that the SEC should have also employed the best security measures, implementing not just an MFA but a security keys protocol, which is highly recommended by industry experts.

Crypto policy consultant, advisor, and writer Ron Hammond explained: “First bipartisan letter on the SEC X hack this week led by Ron Wyden and Sen Lummis. Things always get hyper-partisan in a presidential election year and we’ve seen several senior Rs engage on this, but Sen. Wyden is the first senior D. Expect congressional hearings on this soon.”

The Chamber of Digital Commerce also penned this letter and called for action: “Absolutely NO government account should be susceptible to a compromise. For what SHOULD be a trusted X account, we are incredibly concerned with the cybersecurity measures SEC.Gov is taking. Our letter urges Congress to call a hearing ASAP for answers to prevent investor harm.”

According to Cryptopolitan, Gensler claimed:

Gensler emphasized that there is currently no evidence to suggest that the unauthorized party gained access to SEC systems, data, devices, or other social media accounts.

However, the SEC is taking the cybersecurity incident seriously and is actively evaluating its impact on cryptocurrency agencies, investors, and marketplaces.

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