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Elon Musk unfazed by rumored possibility of SEC probe into Dogecoin tweets

CryptofreePress Staff by CryptofreePress Staff
February 26, 2021
in Regulation
0
Elon Musk unfazed by rumored possibility of SEC probe into Dogecoin tweets

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Rumors of a doable investigation by the US Securities and Change Fee into Tesla CEO Elon Musk’s alleged influence on Dogecoin’s value strikes have been circulating on social media over the previous day — a phenomenon that one Twitterer has quipped is “peak 2021.” 

Musk’s earlier show-downs with the SEC however, the CEO seems to be nonplussed about the potential of an all-too-real authorized fallout sparked by his penchant for the meme cryptocurrency. Musk’s professed love for “dogs & memes” has spurred him to repeatedly submit jocular memes about Dogecoin (DOGE), most just lately one displaying the Doge mascot “on the actual moon.” 

Whereas the reference apes dealer lingo for stratospheric value motion and will subsequently be construed as some type of endorsement, Musk has publicly mentioned that for all his love of the meme cryptocurrency, he’s a partisan of Bitcoin (BTC) in terms of strategic private and company funding. That hasn’t stopped the CEO’s twittering, nevertheless tongue-in-cheek, from offering some severe gasoline for memecoin market volatility — Dogecoin Christmas 2020 being only one occasion. 

Musk’s apparently all-too-real influence on the value strikes of each cryptocurrencies, given his huge social media following, makes disentangling meme fun from celebrity shilling virtually unattainable. Authorized advisors have beforehand voiced their opinion that the CEO may already be in for scrutiny from the SEC after his documented affect on Bitcoin’s value strikes this yr.

Each the prospect of an SEC investigation and the prospect of Doge’s metamorphosis into “an actual foreign money,” stay, for now, parallel meme-like and humorous eventualities within the CEO’s creativeness. Musk’s earlier SEC battles again in 2018 could have had actual ramifications for the CEO, leading to his removing as chairman of the Tesla board and the cost of monetary penalties, however he appears unlikely to surrender on his Twitter kicks simply but.