Elon Musk Excited About SEC Investigation Over His Dogecoin Tweets

Elon Musk, the CEO of Tesla Motors has recently revealed that he welcomes an investigation from the U.S. Securities and Exchange Commission, SEC, into his recent tweets promoting Dogecoin, the meme cryptocurrency. 

Elon Musk Tweeted About SEC Investigating Him

The 49-year-old multi-billionaire responded to the online rumors that the SEC is planning to investigate his hysteria of tweets targeting Dogecoin.

On Thursday, Elon shared a tweet that read:

‘I hope they do! It would be awesome.’

Although SEC does not regulate Cryptocurrency, and it regulates securities like stocks, bonds, etc., Musk has earlier entered agreements with the Exchange Commission. These settlements could put Elon’s tweets under heightened inspection.

As of now, it has not been officially confirmed whether the Tesla CEO is going to be investigated. However, when asked to comment on plans to investigate Elon’s Doge tweets, the SEC spokesperson declined.

Earlier, Musk has drawn sanctions for the Securities and Exchange Commission for his material tweets about Tesla. However, he came to a settlement with the SEC over the complaints spurred by a tweet contemplating privatizing the company.

As per the settlements done with the SEC, Elon Musk agreed that his every financial tweet about Tesla will go through a review by compliance officers of the company before getting posted.

Musk’s Tweets on Dogecoin and Violation of Regulations

Like stocks, bonds, and other securities, cryptocurrencies do not come under the regulation of the SEC, and hence Elon’s tweets about Doge or any other cryptocurrency are highly unlikely to be a violation of any regulation. 

Also, if the cryptocurrencies are not regulated, then tweeting about any of the digital assets regardless of the ownership status of the person sharing the tweet should not be considered a violation of laws.

Doug Davison, the Former Brand Chief of the Enforcement Division of the SEC and a partner at Linklaters, said:

“It would not be surprising—given the focus on the chief executive’s Tweets, Bitcoin pricing, and recent dramatic market moves—for the SEC to ask questions about the facts and circumstances here.”