Elon Musk has called for a \u201ccomprehensive overhaul\u201d of the United States Securities and Exchange Commission hours after the regulator sued Musk alleging he failed to testify in its probe relating to his $44 billion Twitter (now X) purchase last October.<\/p>\n
The SEC is investigating if Musk\u2019s purchase triggered securities laws and an Oct. 5 filing by the regulator in a California District Court seeks to compel Musk to comply with an earlier SEC subpoena.<\/p>\n
In an X post the same day Musk suggested the SEC \u2014 along with the U.S. Department of Justice \u2014 should instead be the ones probed.<\/p>\n
\u201cA comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain.\u201d<\/p><\/blockquote>\n
\u201cCan\u2019t wait for this to happen,\u201d Musk added, in response to a post outlining the various actions the U.S. government has taken against Elon Musk-led companies.<\/p>\n
Asked by an X user if such a probe would ever happen, Musk responded: \u201cI estimate the probability at 100%.\u201d<\/p>\n
The SEC said it subpoenaed Musk in May 2023 and required him to provide testimony at the regulator\u2019s San Francisco office on Sept. 15, which Musk initially agreed to, the filing reads.<\/p>\n
Two days prior, Musk \u201cabruptly\u201d notified the SEC he wouldn\u2019t make an appearance and made several \u201cspurious objections,\u201d the SEC said.<\/p>\n
The regulator said it tried to negotiate an alternative time and place for Musk\u2019s testimony in \u201cgood faith\u201d but its efforts were met with Musk\u2019s \u201cblanket refusal.\u201d<\/p>\n
The SEC also claimed Musk\u2019s objections lacked legal merit.<\/p>\n
\u201cNone of Musk\u2019s objections has any legal validity, and he has no justifiable excuse for his non-compliance with the SEC\u2019s subpoena.\u201d<\/p><\/blockquote>\n
X is among the most popular social media platforms for the cryptocurrency community with one heated topic of discussion being the SEC\u2019s regulatory approach to the crypto industry.<\/p>\n
Related: <\/em><\/strong>The \u2018Elon effect\u2019 shows how opinion leaders shape the fintech market <\/em><\/strong><\/p>\nMusk has been looking to integrate cryptocurrency payments on X in recent months having obtained a currency transmitter license from Rhode Island\u2019s regulator in late August.<\/p>\n
Musk has taken shots at the SEC in the past, previously making his stance on the regulator clear in a December 2018 interview with 60 Minutes:<\/p>\n
\u201cI do not respect the SEC. I do not respect them.\u201d<\/p>\n
Magazine: <\/em><\/strong>Hall of Flame: Peter McCormack\u2019s Twitter regrets \u2014 \u2018I can feel myself being a dick\u2019<\/em><\/strong><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Elon Musk has called for a \u201ccomprehensive<\/p>\n","protected":false},"author":3,"featured_media":182331,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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