Elon Musk called for a “comprehensive review” from the U.S. Securities and Exchange Commission hours after the regulator sued Musk alleging he failed to testify in its investigation related to his $44 billion. Twitter (now X) Purchased last October.
The SEC is investigating whether Musk's purchase triggered securities laws and an Oct. 5 presentation by the regulator in a California District Court seeks to force Musk to comply with an earlier SEC subpoena.
In a post X the same day Musk He suggested Instead, the SEC, along with the US Department of Justice, should be the ones investigated.
"Comprehensive reform of these agencies is urgently needed, along with 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 the various actions the US government has taken against companies run by Elon Musk.
Comprehensive reform of these agencies is urgently needed, along with 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.
– Elon Musk (@elonmusk) October 5, 2023
When asked by an X user if such an investigation would ever be carried out, Musk answered: “I estimate the probability at 100%.”
The SEC said it subpoenaed Musk in May 2023 and asked him to testify at the regulator's office in San Francisco on Sept. 15, to which Musk initially agreed, the document said.
Two days earlier, Musk "abruptly" notified the SEC that he would not appear and made several "spurious 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 "general refusal" from Musk.
The SEC also claimed that Musk's objections lacked legal basis.
"None of Musk's objections have any legal validity and he has no justifiable excuse for his failure to comply with the SEC subpoena."
X is among the most popular social media platforms for the cryptocurrency community and a hot topic of discussion is 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 integrate cryptocurrency payments into X in recent months having obtained a currency transmitter license from the Rhode Island regulator in late August.
Musk has attacked the SEC in the past, and previously made his stance on the regulator clear 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'
Elon Musk
—Tesla Owners Silicon Valley (@teslaownersSV) October 5, 2023
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