The management of the American cryptocurrency exchange Coinbase has offered security assistance to the US Securities and Exchange Commission (SEC) after the regulator's Twitter account was compromised and investors lost almost a billion dollars.

Coinbase Security Director Philip Martin announced that the exchange is putting forward a serious proposal to the SEC – to teach the regulator to monitor its own security on the Internet. The Coinbase top manager claims that he has extensive experience working with security protocols in social networks. As Martin put it, he is a patriot and is ready to help his country, so he called on the American department not to be shy and ask for assistance.

Coinbase Senior Legal Counsel Paul Grewal added that the entire Coinbase team is ready to support the regulator. By doing so, the exchange will be able to contribute to the creation of “fair, orderly and efficient markets for all Americans.”

On Tuesday, January 9, the SEC’s official Twitter account published a post stating that the agency has authorized the launch of spot Bitcoin ETFs for all exchanges trading securities. The tweet was soon deleted, and SEC Chairman Gary Gensler announced that the Commission's account had been hacked. The Commission has yet to approve the listing and trading of Bitcoin spot exchange products.

Coinbase's proposal comes amid ongoing litigation with the SEC after the agency sued the exchange last year, accusing it of violating securities laws and failing to register.