Elon Musk, owner and CTO of 5th of October.
Musk wrote in a tweet:
“A comprehensive review of [regulatory] Agencies are desperately needed, along with a commission to take punitive action against individuals who have abused their regulatory power for personal and political gain… I can’t wait for this to happen.”
Musk seemed confident that such reforms will one day happen, as he wrote in another comment: “I rate the probability at 100%.”
Musk posted his statement in response to previous developments. On October 5, the U.S. Securities and Exchange Commission (SEC) said it had filed for an order that will force Musk to comply with an investigative subpoena and provide testimony. The case at hand concerns Musk’s acquisition of Twitter, now X, in 2022. Musk failed to appear to testify in accordance with a previous subpoena in September.
Musk isn’t the SEC’s only enemy
Although the case in question does not directly concern matters related to cryptocurrency, Musk’s willingness to fight the SEC has attracted widespread attention in the crypto community due to the regulator’s frequent decision to sue blockchain companies.
Indeed, Musk is not the only one opposing the securities agency. Coinbase and Binance, both sued by the SEC in June for their various exchange-related services, are now trying to fight the agency in court.
Ripple, which was sued by the SEC in December 2020 over the sale of the XRP token by companies and executives, defended itself and won a partial victory this summer, although the case continues. Grayscale, meanwhile, has sued the SEC to force the agency to review its Bitcoin ETF application; in August it received a ruling in his favor.
Some officials are similarly calling for a restructuring of the securities agency. In June, House Republicans Warren Davidson and Tom Emmer introduced a bill to reform the SEC, remove Gary Gensler as chairman and eliminate his position.
Within the SEC itself, commissioners Hester Peirce and Mark Uyeda have regularly objected to the agency’s decisions on crypto-related matters.
The post Elon Musk calls for SEC review after agency issues order against him first appeared on CryptoSlate.