In February, the head of Tesla and SpaceX, Elon Musk, actively wrote on his Twitter account about the Dogecoin cryptocurrency. For example, on February 10, the billionaire revealed that he bought it for his son named X Æ A-12, who was born last May.
Immediately after that, altcoin quotes jumped 18% to a local peak of $ 0.081. This was followed by a rollback, as of February 11 16:15 Moscow time, the cryptocurrency costs $ 0.073, writes RBC Crypto.
The US Securities and Exchange Commission (SEC) may fine Musk for his recent publications on Twitter about cryptocurrency, says Yuri Brisov, a member of the Commission on Legal Support of the Digital Economy of the Moscow Branch of the Russian Bar Association. According to him, the billionaire’s tweets could be viewed as a broker’s activity without registration or in violation of the law by offering and advertising securities.
“Serious fines could be imposed for this,” Brisov warned.
The fact that the SEC should pay attention to Musk’s posts about cryptocurrency was also stated in an interview with CoinDesk by Nouriel Rubini. According to him, the regulator should check the statements of people like Musk for market manipulation.
“It would not be surprising if the SEC asked Musk, given the attention to his tweets, Bitcoin price changes and dramatic market movements,” former SEC Enforcement Chief Doug Davison told the Telegraph newspaper.
He was supported by the former vice-president of the European Central Bank Vitor Constancio. He stressed that the SEC will certainly study the impact of Elon Musk’s posts on the cryptocurrency market.
Elon Musk already had problems with the US Securities and Exchange Commission in 2018. Then the entrepreneur announced on Twitter that he plans to buy back Tesla shares at a price of $ 420. The publication triggered an 11% rise in securities, and was ordered to resign his post as chairman of the automaker’s board of directors for three years and pay a $ 20 million fine in a lengthy legal battle.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
