The regulator told Cointelegraph that its staff did not have any involvement in posting the “unauthorized” tweet and an investigation from X has confirmed the account was compromised and did not have two-factor authentication enabled at the time.

The incident caused the price of Bitcoin to surge roughly 2.5% to $47,901 before dropping roughly 7% to $44,701. Meanwhile, crypto X has been speculating what this could mean for the SEC and anticipated Bitcoin ETF approvals.

Meanwhile, several United States lawyers and senators have called on Congress to demand an investigation into the securities regulator after the debacle.

Many are hopeful the incident will not impact the potential approval of a spot Bitcoin ETF.