Elon Musk’s legal battle with the U.S. Securities and Exchange Commission (SEC) has drawn widespread criticism from political and business figures. Critics include Ripple’s chief legal officer Stuart Alderotti, entrepreneur Chamath Palihapitiya, and politician Vivek Ramaswamy, who have voiced concerns about the SEC’s enforcement tactics.
⚙️ Musk recently posted a letter on his X platform from his lawyer Alex Spiro, in which he accused the SEC of conducting a prolonged harassment campaign against Musk and his companies. The letter explained that the SEC had issued Musk an ultimatum regarding a settlement within 48 hours and threatened him with fines or charges. Even the recent investigation the SEC opened into Neuralink and the subpoena of Spiro were under coercive threats.
💬 Palihapitiya criticized the inefficient use of state resources by the Securities Commission, saying:
“This is an unreasonable behavior. Why does the Securities Commission think it can continue to squander the state’s resources (meaning our money) for no benefit?!”
He warned that the absence of oversight and controls allows bureaucrats to use laws as a tool to obstruct people who disagree with them.
🗣 Ramaswamy criticised the body, saying it undermined public confidence, adding:
“What’s worse is that the agency is constantly losing cases in federal court because it distorts its laws in illegal and unconstitutional ways.”
He pointed out that this type of behaviour undermines confidence in the rule of law.
⚖️ Alderotti joined the discussion and recalled the methods Ripple had exposed early on regarding the organization’s tactics. He cited the court statement in their case:
“The Securities Commission adopts its legal positions only to achieve its own goals, and not out of commitment to the law.
He stressed the importance of holding the Authority accountable for its actions.
🔄 Meanwhile, a major shakeup is expected at the SEC as Gary Gensler prepares to step down as chairman. Gensler, known for his tough stance on crypto regulation, is set to leave office in January 2025. President-elect Trump has nominated Paul Atkins, a former SEC commissioner and advocate for less stringent regulation, especially in the crypto sector. If confirmed by the Senate, the shakeup could reshape the SEC’s approach and priorities.
#BinanceAirdropsCATandPENGU #BTCNewATH #VANAOpening #MarketNewHype #ETHHits4KAgain $BTC