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    Home»Crypto News»Crypto Neighborhood Reacts to US SEC Lawsuit Towards Elon Musk
    Crypto Neighborhood Reacts to US SEC Lawsuit Towards Elon Musk
    Crypto News

    Crypto Neighborhood Reacts to US SEC Lawsuit Towards Elon Musk

    By Crypto EditorJanuary 15, 2025No Comments3 Mins Read
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    Crypto Neighborhood Reacts to US SEC Lawsuit Towards Elon Musk

    Cowl picture through U.Right this moment

    Disclaimer: The opinions expressed by our writers are their very own and don’t signify the views of U.Right this moment. The monetary and market data supplied on U.Right this moment is meant for informational functions solely. U.Right this moment shouldn’t be answerable for any monetary losses incurred whereas buying and selling cryptocurrencies. Conduct your individual analysis by contacting monetary consultants earlier than making any funding choices. We imagine that each one content material is correct as of the date of publication, however sure gives talked about might not be accessible.

    On Tuesday, the U.S. Securities and Alternate Fee (SEC), led by Gary Gensler, filed a lawsuit in opposition to tech billionaire Elon Musk. The regulatory company accused Musk of failing to reveal his giant stake in Twitter earlier.

    Based on an SEC rule, traders should declare possession above 5% inside 10 calendar days. In Musk’s case, the SEC mentioned he disclosed a 9.2% stake in Twitter on April 4, 2022, as an alternative of March 24, 2022. Musk ultimately bought Twitter for $44 billion in October 2022 and renamed it X.

    In its lawsuit, the SEC sought to pressure Musk to pay a civil wonderful and disgorge undeserved income.

    Reactions from crypto neighborhood

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    A number of market stakeholders have taken to the X platform to share their ideas on the SEC’s lawsuit in opposition to Musk. Commenting on the brand new improvement, Dogecoin cofounder Billy Markus, recognized on X as Shibetoshi Nakamoto, mentioned the lawsuit doesn’t make sense.

    He questioned why the SEC would sue Elon Musk for purchasing Twitter at “artificially low costs.”

    He reiterated that trade analysts mentioned Twitter was solely price about $30 billion on the time. Nonetheless, Musk paid $44 billion for the social media platform.

    the sec is suing elon musk for purchasing twitter at “artificially low costs” despite the fact that he purchased it for $44 billion and trade analysts mentioned it was price extra like $30 billion?

    nothing is smart man

    — Shibetoshi Nakamoto (@BillyM2k) January 14, 2025

    Different neighborhood members assume the lawsuit is an assault in opposition to Dogecoin (DOGE). Recall that Musk strongly helps the meme coin, and his exercise with DOGE normally sparks new rallies.

    High crypto lawyer MetaLawMan commented, “There goes the SEC Enforcement funds. Revenge of the DOGE.” It’s price noting that Elon Musk can be meant to steer the Division of Authorities Effectivity (D.O.G.E) within the subsequent administration.

    With a brand new U.S SEC Chairman set to take over quickly, it stays unclear how the lawsuit will pan out.

    Enhancements on X

    Intriguingly, the SEC lawsuit solely got here shortly after Musk introduced new updates on X. 

    Associated

    Dogecoin Founder Issues Big DOGE Post, Responding to Elon Musk's X Call

    As reported by U.Right this moment, the replace is concentrated on reputation-based content material rating to enhance the person expertise. For example, accounts with greater blocking may have a a lot smaller attain, decreasing their general affect.

    Regardless of the current lawsuit in opposition to Musk, DOGE is exhibiting upsides. Throughout the final 24 hours, DOGE has elevated by 4.14% to commerce at $0.3597, per knowledge from CoinMarketCap.





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