Elon Musk Calls for Overhaul of SEC Following Lawsuit
Hollywood Crap- In a recent turn of events, Elon Musk, the billionaire CEO of Tesla, has demanded a “comprehensive overhaul” of the United States Securities and Exchange Commission (SEC). This comes after the SEC sued Musk for allegedly failing to testify in its probe concerning his $44-billion Twitter purchase made last year.
The SEC is currently investigating whether Musk’s purchase adhered to securities laws. Due to Musk’s refusal to comply with an earlier subpoena, the regulator has filed a lawsuit to force him to testify. However, Musk has gone a step further and suggested that the SEC and the U.S. Department of Justice should themselves be investigated.
Expressing his support for a thorough review of regulatory agencies, Musk called for a commission to take action against individuals who abuse their power. He estimated the likelihood of such an investigation occurring at 100%.
This clash between Musk and the SEC can be traced back to May when the SEC issued a subpoena, demanding Musk’s testimony by September 15. However, Musk abruptly refused to comply, claiming his objections were legally valid. The SEC, on the other hand, argued that Musk’s objections lacked legal merit.
Musk has been openly critical of the SEC, demonstrating a lack of respect for the regulatory body. In a December 2018 interview, Musk boldly stated, “I do not respect the SEC. I do not respect them.” These latest developments seem to signal that his stance remains unchanged.
Meanwhile, the popular social media platform X has become a hotbed of discussion regarding the SEC’s regulatory approach to the cryptocurrency industry. Interestingly, Musk himself has been working towards integrating cryptocurrency payments on X. In fact, he obtained a currency transmitter license from Rhode Island’s regulator just last August.
As the conflict between Musk and the SEC intensifies, it remains to be seen how this will affect the future of both Musk’s businesses and the regulatory landscape of the cryptocurrency industry. Will his call for an overhaul of the SEC gain traction? Only time will tell. Stay tuned for updates on Hollywood Crap.