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SEC Sues Elon Musk Over Failure to Attend Testimony

2 mins
Updated by Kyle Baird
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In Brief

  • The SEC has filed an application for Elon Musk to testify over alleged federal security law violations.
  • The allegations are related to Musk's purchase of Twitter, which SEC claims potentially violated securities laws.
  • Despite receiving advance notice, Musk refused to appear for the mandated testimony, raising objections.
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The United States Securities and Exchange Commission (SEC) has filed a request for an order compelling Elon Musk to testify regarding multiple allegations of federal securities law violations.

The SEC is seeking Elon Musk’s court appearance regarding his actions related to buying Twitter in 2022.

SEC Continues Musk Investigation, Gathers Information

In a recent statement, the SEC claims that Musk did not appear for testimony as mandated by the investigative subpoena issued.

It clarifies that Musk received substantial advance notice to attend the testimony in May 2023. This was nearly four months ahead of the scheduled date in September.

However, just two days before the hearing, Musk reportedly informed the SEC that he would not appear:

“Musk attempted to justify his refusal to comply with the subpoena by raising, for the first time, several spurious objections.”

The SEC asserts that Musk’s testimony will provide additional insights to its investigation. However, it affirms that it is only in the process of gathering information and is not alleging guilt at this point:

“The SEC staff is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws.”

Musk Upholds His Dogecoin Advocacy

Musk, a passionate crypto commentator, has gained recognition within the community for his enthusiastic support of Dogecoin.

Ongoing rumors suggest that Musk may potentially integrate Dogecoin into the X platform as a form of payment. Meanwhile, he has rejected the idea of an X crypto token. In a thread on X, Musk firmly stated that neither he nor the platform harbors any intention to introduce a token.

However, due to ongoing legal proceedings with the SEC, Musk has adopted a more reserved approach to endorsing Dogecoin.

At the time of publication, Dogecoin’s price stands at $0.061.

DOGE Price Chart 7 Days. Source: BeInCrypto
DOGE Price Chart 7 Days. Source: BeInCrypto

During a May 24 interview, Musk offered a lighthearted response when questioned about Dogecoin, with a disclaimer emphasizing that his comments were not intended as financial advice:

“I’m not advising anyone to buy crypto or bet the farm on Dogecoin or anything like that. But Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs.”

Meanwhile, in April, Musk sought dismissal from the Manhattan court regarding a $258 billion lawsuit filed against him. The filing alleged that he had operated a pyramid scheme to boost Dogecoin.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.