Elon Musk called for a “comprehensive overhaul” of the US Securities and Exchange Commission hours after the regulator filed a lawsuit against Musk alleging he failed to testify in its investigation into Twitter’s (now X) $44 billion purchase last October.
The Securities and Exchange Commission is investigating whether Musk’s purchase triggered the securities laws and the Oct. 5 decision Deposit By the regulator in a California district court, seeking to force Musk to comply with an earlier SEC subpoena.
In X’s post on the same day, Musk Proposal Instead, the Securities and Exchange Commission – along with the US Department of Justice – should be the ones investigated.
“There is an urgent need for a comprehensive reform of these agencies, along with the establishment of a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain.”
“I can’t wait for this to happen,” Musk added in response to a post outlining various actions taken by the US government against Elon Musk-led companies.
There is an urgent need for a comprehensive reform of these bodies, along with the establishment of a committee to take punitive action against those individuals who have abused their regulatory power for personal and political gain.
I can’t wait for this to happen.
– Elon Musk (@elonmusk) October 5, 2023
When asked by an X user if such an investigation would ever happen, Musk replied: He responded: “I rate the probability at 100%.”
The SEC said it subpoenaed Musk in May 2023 and asked him to testify at the regulator’s San Francisco office on September 15, which Musk initially agreed to, the filing said.
Two days ago, Musk “abruptly” informed the SEC that he would not appear and made several “false objections,” the SEC said.
The regulator said it attempted to negotiate an alternative time and location for Musk’s testimony “in good faith,” but its efforts were met with “blanket rejection” by Musk.
The SEC also claimed that Musk’s objections lacked legal merit.
“None of Musk’s objections have any legal validity, and he has no justifiable excuse for not complying with the SEC’s subpoena.”
X is among the most popular social media platforms for the cryptocurrency community with one hot topic of discussion being the SEC’s regulatory approach to the cryptocurrency industry.
Related: The “Elon Effect” shows how opinion leaders shape the fintech market
Musk has been looking to integrate cryptocurrency payments on
Musk has criticized the SEC in the past, before clarifying his stance on the regulator in a December 2018 interview with 60 Minutes:
“I don’t respect the SEC. I don’t respect them.”
“I have no respect for the SEC.”
– Tesla owners in Silicon Valley (@teslaownersSV) October 5, 2023
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