Coinbase offers assistance with “security protocols”
Coinbase executives have reached out to the U.S. Securities and Exchange Commission (SEC) to offer their help following the recent hack of the SEC’s account on X. Coinbase’s Chief Security Officer, Philip Martin, posted a message on X, stating that as a crypto exchange with experience in security protocols around social media, he would be willing to provide suggestions and assistance to the SEC. The Chief Legal Officer of Coinbase, Paul Grewal, also expressed the exchange’s commitment to ensuring fair and efficient markets for all Americans.
A moving market
The SEC’s official account on X was hacked, and a false tweet claiming the approval of a spot bitcoin ETF was posted. SEC Chair Gary Gensler clarified that the tweet was unauthorized and that no approval had been given for such products. Following the hack, the price of Bitcoin briefly surged to $48,000 before settling back down to around $44,000. As of late Wednesday morning, Bitcoin was trading at approximately $45,000.
Senators demand answers following account hack
Senators Thom Tillis (R-NC) and JD Vance (R-OH) have drafted a letter to Gary Gensler demanding an explanation for the hacking incident. The senators expressed concern over the SEC’s cybersecurity procedures and questioned whether the incident would impact the timing of approving a spot bitcoin ETF and compensating those who suffered financial losses due to the false tweet. Gensler has not yet publicly responded to the letter, but there is speculation that spot bitcoin ETF approval may occur by Thursday.
Hot Take: Coinbase lends a helping hand to SEC in wake of hack
Coinbase executives have offered their expertise in security protocols to assist the U.S. Securities and Exchange Commission (SEC) after the agency’s account on X was hacked. The Chief Security Officer of Coinbase, Philip Martin, took to X to extend a serious offer of help to SEC Chair Gary Gensler and the SEC itself, emphasizing their experience with security protocols around social media. The Chief Legal Officer of Coinbase, Paul Grewal, also expressed the exchange’s commitment to ensuring fair and efficient markets for all Americans. This gesture of support from Coinbase comes amidst a turbulent day for the SEC following the unauthorized tweet about a spot bitcoin ETF approval.
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