The SEC threatened to take legal action against Elon Musk in the next 48 hours.
The regulator demanded monetary settlement in exchange for no legal action.
John Deaton indicated that the SEC has ended many small businesses in the US.
The United States Securities and Exchange Commission (SEC) has issued a settlement demand to Tesla and SpaceX CEO Elon Musk, threatening legal action unless he complies within 48 hours. The move has drawn widespread criticism from the crypto community, with many calling out SEC Chair Gary Gensler for what they describe as irrational and politically motivated tactics.
Ripple Advocate Defends Musk
John E. Deaton, lawyer and Ripple-advocate, and former Senate candidate, voiced concerns over the SEC’s actions. In a post on X (formerly Twitter), Deaton questioned how smaller businesses could survive such aggressive regulatory moves when even a billionaire as Musk faces significant pressure. He highlighted that without Musk’s extensive legal resources, smaller firms would likely struggle to defend themselves.
JUST IN: SEC Chair Gary Gensler has issued a settlement demand to Elon Musk, threatening charges unless Musk paid wit…
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