Elon Musk’s Victory in SEC Probe Over $44 Billion X Deal
Renowned tech entrepreneur Elon Musk recently celebrated a significant victory in the probe into his $44 billion purchase of the X platform. The US Supreme Court rejected the US Security and Exchange Commission’s request to impose sanctions on Musk for missing a court-ordered testimony.
Despite not appearing for the testimony on September 10, Musk made amends by showing up on October 3 and compensating the SEC team for their travel costs, paying $2,923 in the process.
Musk took to his official X account to share the news of the court ruling in his favor. Quoting a tweet by X user @DimaZeniuk, Musk humorously remarked on the SEC acronym, stating, “SEC. The middle word is definitely “Elon’s”, but I can never remember what the other two words stand for.”
Support and congratulations poured in from various quarters, with DOGE founder Billy Markus and XRP community members expressing solidarity with Musk. Markus labeled the SEC as “an annoying organization,” echoing sentiments shared by many in the crypto community.
The XRP community, in particular, highlighted their disdain for the SEC, citing the ongoing legal battle between the regulator and Ripple dating back to 2020 over allegations of selling XRP as an unregistered security.
Amidst the celebrations, questions arose about potential reforms within the regulatory landscape. The “Tesla Owners Silicon Valley” account pondered if Musk’s new venture, the Department of Government Efficiency (D.O.G.E.), could influence change in this domain.
However, despite this legal victory, the SEC’s scrutiny of Musk’s recent Twitter acquisition remains ongoing.
SEC Chairman Gensler Announces Resignation
In a surprising announcement aimed at the global crypto and financial communities, Securities and Exchange Commission Chairman Gary Gensler revealed his decision to step down from his position on January 20, 2025.
The XRP community welcomed this news, with Ripple CEO Garlinghouse expressing gratitude on Thanksgiving Day for the upcoming change in leadership. The identity of Gensler’s successor remains a mystery at this point.