Elon Musk Calls for Overhaul of SEC
Elon Musk has urged for a complete revamp of the United States Securities and Exchange Commission (SEC) after the regulator sued him for allegedly failing to testify in its investigation into his $44 billion Twitter purchase. The SEC is examining whether Musk’s purchase violated securities laws, and it has filed a lawsuit seeking to compel him to comply with a previous subpoena. In response, Musk suggested that the SEC and the U.S. Department of Justice should be investigated instead, calling for a comprehensive overhaul of these agencies. He expressed his anticipation for this overhaul to happen.
Musk’s Response to Probe Possibility
When asked if such a probe would ever take place, Musk responded that he estimated the probability at 100%. The SEC claims that it subpoenaed Musk in May 2023 and scheduled his testimony for September 15. However, Musk notified the SEC two days before the hearing that he would not attend and presented various objections. The SEC attempted to negotiate an alternative time and place, but Musk refused. The SEC also stated that Musk’s objections were without legal merit.
Musk’s Criticism of the SEC
Musk has been critical of the SEC in the past, expressing his lack of respect for the regulator in a December 2018 interview with 60 Minutes. He has made it clear that he does not hold any respect for the SEC. X is one of the popular social media platforms among cryptocurrency enthusiasts, who often discuss the SEC’s regulatory approach to the crypto industry. Musk has been working towards integrating cryptocurrency payments on X and obtained a currency transmitter license from Rhode Island’s regulator in August.
Hot Take: Elon Musk Calls for Overhaul of SEC Amidst Lawsuit
Elon Musk has called for a comprehensive overhaul of the SEC and the U.S. Department of Justice in response to the regulator’s lawsuit against him. The SEC alleges that Musk failed to testify in its investigation into his Twitter purchase. Musk suggested that these agencies should be probed instead, and expressed his anticipation for this overhaul to happen. The SEC claims that Musk refused to comply with its subpoena and presented objections without legal merit. Musk has been critical of the SEC in the past, stating his lack of respect for the regulator. He has been actively working towards integrating cryptocurrency payments on X.
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