John Deaton, founder and host of the CryptoLaw company warning Elon Musk said his crypto project could face the same legal issues in his frequent tweets promoting Dogecoin, just as Ripple (XRP) is suffering. .. Deaton mentioned the wealthiest man in the world, responding to a tweet by a man named Jae B who criticized SEC’s Gary Gelson for the Ripple proceedings.
Users complain in a tweet that the SEC chairman does not have a fair policy for all virtual assets. They urged Elon Musk to be free to control Dogecoin prices through tweets, while Ripple, which has more than 300 relationships with financial institutions outside the United States, faces legal barriers. rice field.
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Jay-B Tweets reading;
Elon tweeted about $ DOGE and jumped #Ripple is trading with almost all major financial institutions and $ XRP is still under control.
It doesn’t mean that Twitter random users want to sue Elon Musk against the SEC, but Deaton expresses his suspicions and warns the owners of SpaceX, Tesla, Starlink, and two other companies. did. He believes SEC officials can recognize Dogecoin as an investment contract operating under Mask and his company.
Be careful @elonmusk because @GaryGensler SEC may try to make a call #DOGE Make an investment contract between you and your company.
How did Elon Musk’s tweets affect the price of Dogecoin?
On the other hand, the influence of Elon Musk on the price of Dogecoin seems to be small.The price of coins has risen due to the influence of the promotion of tweets Only 23 seconds..
Musk jokingly used the word “trilionea” in his tweets. He tried to defeat the users who widely use “billionaire” with his name as a derogatory term.
In particular, the SEC previously issued a letter to Elon Musk on April 4, asking why he did not publicly declare his investment in Twitter earlier. The SEC letter says:
Why does Schedule 13G appear not to be created within the required 10 days from the date of acquisition, as required by Rule 13d-1 (c), which states that it relied on submissions?
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The Commission demanded that he report the shares he owns within the next 10 days, as well as a 9.2% stake apparently acquired by Musk on April 25, equivalent to $ 44 billion.
According to the rules, Musk was expected to disclose holdings around March 25, as investors are legally required to report holdings 10 days after exceeding 5%. Alternatively, Musk sent in 13G form to announce his holdings late April 4.
In addition, the US Securities and Exchange Commission (SEC) said “there may be additional comments” after Elon Musk responded.
Featured image from Pixabay and chart from TradingView.com