- Rumors are circulating that the SEC is investigating Tesla CEO Elon Musk for selling Dogecoin on Twitter.
- Musk has beforehand confronted restrictions from the SEC over his feedback on Tesla’s non-public providing.
- Musk beforehand steered these restrictions are usually not strictly imposed; he additionally continued to tweet about DOGE right this moment.
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Tesla CEO Elon Musk could also be beneath investigation by the U.S. Securities and Change Fee over tweets during which he promoted Dogecoin to cryptocurrency buyers.
SEC Restricted Musk in 2019
Rumors of the investigation have been initially reported on Twitter by First Squawk, an audio-based monetary newswire.
— First Squawk (@FirstSquawk) February 25, 2021
The rumor has not been confirmed. Nonetheless, there’s sufficient context to take a position on an investigation.
It’s already recognized that the SEC is monitoring Musk’s tweets. In 2018, Musk exaggerated the probability of a non-public Tesla offfering, resulting in a settlement with the SEC. As a part of the ensuing settlement, the SEC started to limit and pre-approve Musk’s tweets regarding enterprise exercise starting in 2019.
These information make it believable that the SEC, which is extraordinarily desirous about regulating cryptocurrency, is monitoring Musk’s tweets after they relate to Dogecoin or different cryptocurrencies.
Musk Continues to Tweet
Regardless of rumors of an investigation, Musk continues to tweet. His most up-to-date Dogecoin-related tweet was despatched at 5:00 AM on Feb. 24.
— Elon Musk (@elonmusk) February 24, 2021
Although it might appear unlikely that Musk would tweet about Dogecoin if he have been beneath investigation by the SEC, it’s arguably extra possible that Musk would disregard the investigation.
In 2018, Musk infamously acknowledged that “[does] not respect the SEC.” He additionally added that none of his tweets had been censored by the SEC for the reason that regulator settled with Tesla. As such, an SEC investigation is solely believable, even when Musk has not gone silent on Dogecoin.
In any case, the rumors appears to have reasonably affected Dogecoin costs. DOGE is down 5.7% over the previous 24 hours, in comparison with Bitcoin’s comparatively steady change of 0.1% over the identical interval.
With none official affirmation from Musk or the SEC, hypothesis might proceed to have an effect on costs.
On the time of penning this writer held lower than $75 of Bitcoin, Ethereum, and altcoins.
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