Tesla CEO Elon Musk and Mark Cuban Oppose SEC Chair Gensler
Elon Musk, the CEO of Tesla, and Mark Cuban, the owner of the Dallas Mavericks, have joined forces to express their disagreement with Securities and Exchange Commission (SEC) Chair Gary Gensler. In a recent livestream on the Crypto Banter YouTube channel, it was revealed that Musk and Cuban have filed an amicus brief supporting a revamp of the SEC’s use of administrative law judges in enforcement actions. They argue that the current system denies defendants the right to a jury trial, as the SEC can both bring cases and preside over them.
Contentious History with the SEC
Musk has had a contentious relationship with the SEC in the past. He settled a lawsuit in 2018 after tweeting about potentially taking Tesla private. As part of the settlement, he agreed to have his Tesla-related tweets pre-approved. Similarly, Cuban settled an insider trading case with the SEC in 2008.
Challenging Gensler’s Leadership
The amicus brief filed by Musk and Cuban argues that they have a vested interest in SEC enforcement actions and due process protection. They claim that the current administrative proceeding system is unconstitutional. This move by Musk and Cuban adds to the growing list of high-profile figures criticizing Gensler’s leadership at the SEC. Gensler has faced backlash from the crypto industry for his reluctance to approve a Bitcoin exchange-traded fund (ETF).
Predictions for Bitcoin ETF Approval
Galaxy Digital CEO Mike Novogratz recently predicted that the SEC will approve a Bitcoin ETF in 2023, citing pressure on Gensler to secure a win. The amicus brief from Musk and Cuban reflects ongoing resistance within the tech and crypto community against Gensler’s SEC. Their influential positions could help drive efforts to reform the SEC’s enforcement procedures.
Hot Take: Musk and Cuban Challenge SEC Chair Gensler
Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban have made their opposition to SEC Chair Gary Gensler clear by filing an amicus brief. They argue that the current use of administrative law judges in enforcement actions by the SEC denies defendants their right to a jury trial. Both Musk and Cuban have had their own contentious encounters with the SEC in the past, making their support for due process protection significant. This move adds to the growing criticism of Gensler’s leadership, particularly from the crypto industry. With influential figures like Musk and Cuban joining the fray, there may be increased momentum for reforming the SEC’s enforcement procedures.
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