crypto-law founder, John Deaton In his recent tweet, Elon Musk has been warned that his frequent tweets promoting Dogecoin could lead to legal trouble similar to those of Ripple and the XRP token. In response to a tweet by @JayBlessed901, a man who complained about the unfairness of SEC Chairman Gary Gensler’s lawsuit against Ripple.
While Elon Musk freely exaggerates DOGE prices with his tweets, he casually complained to the SEC of intent to sue Musk. Deaton noted its possibilities and warned Tesla boss Elon Musk about his tweet.
Deaton believes that Gensler and the SEC may recognize Dogecoin as an investment contract with Musk and his companies. Earlier this week, Musk’s tweet boosted DOGE for no more than about 23 seconds, indicating that Elon Musk’s influence on Dogecoin’s price is dying out.
The SEC has published a letter addressed to Elon Musk, asking “why the billionaire initially disclosed about his 9.2 percent state on Twitter later.” Some critics also claim that Musk uses the highly influential social media platform as his personal megaphone to post cruel and offensive tweets aimed at his opponents.
Musk sent an announcement of his new holding in Schedule 13G form on April 4, instead of March 25, as was expected by the rules. An investor gets ten days to disclose the stake in the company of more than 5 per cent. The SEC further states that Musk’s response may provoke the SEC to make additional comments.
