Accusations are swirling against the Securities and Exchange Commission (SEC) for their lax online security measures following a Twitter account hijacking. Renowned social media platform, Twitter, announced that it completed their preliminary investigation into the SEC’s recent false post about approving Bitcoin ETF applications, adding that the issue was not the result of any breach of Twitter’s systems.

Instead, Twitter’s security team pointed blame towards an unidentified individual who managed to gain access to the SEC’s Twitter account, @SECGov, via a third-party associated phone number. The platform confirmed that two-factor authentication — an extra security layer Twitter strongly urges all users to enable — was not activated for the account at the time of the incident.

The incident prompted serious questions regarding the SEC’s fundamental security protocols. The SEC is the foremost investment regulator in the U.S, and their statements are closely scrutinized. Its Chair, Gary Gensler, regularly insists on the importance of safeguarding investors’ security and often cites two-factor authentication as a critical measure.

In light of the incident, U.S. Senators J.D. Vance and Thom Tillis penned a letter to the SEC demanding accountability for their apparent cybersecurity negligence. They deemed it unacceptable for such a central institution in world capital markets to make such a monumental blunder. The incident underscores the absolute necessity of stringent cybersecurity measures, particularly for organizations that have significant sway over financial markets.