Elon Musk has called for a “comprehensive overhaul” of the United States Securities and Exchange Commission (SEC) after the regulator sued him for failing to testify in its probe relating to his $44 billion Twitter purchase last October. Musk suggested that the SEC and the U.S. Department of Justice should be the ones probed instead. In a tweet, he said that a commission should be established to take punitive action against those individuals who have abused their regulatory power for personal and political gain. When asked by a Twitter user if such a probe would ever happen, Musk responded that the probability was 100%.The SEC said it subpoenaed Musk in May 2023 and required him to provide testimony at the regulator’s San Francisco office on Sept. 15, which Musk initially agreed to. However, two days prior, Musk “abruptly” notified the SEC he wouldn’t make an appearance and made several “spurious objections”. The regulator said it tried to negotiate an alternative time and place for Musk’s testimony in “good faith” but its efforts were met with Musk’s “blanket refusal”. The SEC also claimed Musk’s objections lacked legal merit.X is among the most popular social media platforms for the cryptocurrency community with one heated topic of discussion being the SEC’s regulatory approach to the crypto industry. Musk has been looking to integrate cryptocurrency payments on X in recent months having obtained a currency transmitter license from Rhode Island’s regulator in late August.In a December 2018 interview with 60 Minutes, Musk made his stance on the regulator clear: “I do not respect the SEC. I do not respect them.”

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	8
People	Elon Musk, Peter McCormack
Companies	X (Twitter), SEC (Securities and Exchange Commission), DOJ (Department of Justice), 60 Minutes, Rhode Island Department of Business Regulation
Currencies	None
Securities	None