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Big Breaking: SEC’s Gensler Threatens Elon Musk with Charges Unless He Settles in 48 Hours
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Big Breaking: SEC’s Gensler Threatens Elon Musk with Charges Unless He Settles in 48 Hours SEC Chair Gary Gensler has issued a settlement demand to Elon Musk, warning him of potential charges unless payment is made within 48 hours. The Securities and Exchange Commission is reportedly preparing multiple charges, but the letter remains vague about the specifics, such as the exact nature of the charges and how many of Musk’s companies are involved. The SEC is investigating his brain-computer interface company Neuralink and the latest letter stated that the SEC had “reopened” its probe into Neuralink this week. It also revealed that Musk’s attorney, Alex Spiro, was subpoenaed by the SEC, with threats of a process server if he didn’t comply. Amid the chaos, Musk took to his X handle and wrote, “The SEC is just another weaponized institution doing political dirty work.” For the unversed, the SEC has been investigating Elon Musk for delaying the disclosure of his 9.2% stake in Twitter. He only revealed his stake on April 4, 2022, about ten days after surpassing the 5% disclosure threshold required by law. According to the Hart-Scott-Rodino Act, anyone who acquires at least 5% of a public company must disclose it within ten days. In May 2024, Musk agreed to testify in the SEC’s investigation but failed to comply with their deposition request, leading the SEC to seek sanctions in a San Francisco court. Experts React To Gensler’s Latest Action Pro-XRP lawyer John Deaton reacted to the news, saying this is how the SEC treats the richest man in the world. He pointed out that small businesses and entrepreneurs, without the resources Elon Musk has, are likely treated even worse. Deaton brought to attention how the SEC’s actions in the LBRY case show their aggressive tactics, threatening to bankrupt Jeremy Kauffman and LBRY before even filing a lawsuit. He also said that Ripple and CEO Brad Garlinghouse spent over $150 million defending themselves. #ElonMusk #SEC #cryptotrading #cryptomarket #cryptonews
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Crypto vs. Banks: Trump’s Plan to Eliminate the FDIC Federal bank regulators may soon be on the chopping block. President-elect Donald Trump’s team is exploring eliminating agencies like the FDIC, sparking a debate that could reshape America’s financial landscape. Trump’s Plan to Eliminate the FDIC could be a step toward innovation, or are we gambling with stability? What the FDIC Does—and Why It Matters The Federal Deposit Insurance Corporation or FDIC is the authority that keeps banks in check. It makes sure that your money remains safe even if the bank fails. This system was created after the Great Depression to build a secure banking system. People need to know their savings won’t just vanish. Trump’s idea to cut back on such oversight is bold, to say the least. During his first term, he pushed to reduce bureaucracy, saying regulations hold back the economy. Trump’s Plan to Eliminate the FDIC shows how committed he is to evolve the blockchain technology in America. His team argues that less regulation could boost innovation, especially in areas like cryptocurrency. DFIC secures banks but their recent actions show they don’t like cryptocurrencies. Crypto Dreams or Banking Nightmare? Here’s the twist: Trump wants America to lead the cryptocurrency revolution. Bitcoin, blockchain—all of it. He believes that cutting federal oversight could open the door for crypto startups and investors. He wants the U.S to become the hub for decentralized finance and outpace competitors like China. However, not everyone is in favor of closing down the regulatory authority. According to critics, shutting down the regulations could leave the banks in a vulnerable state and people will lose faith as their money will not be secured anymore. Supporters say crypto’s decentralized nature could offer a safety net—but is that really enough? #CryptoVsBank #Trump #USACryptoTrends #cryptomarket #CryptoNews
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Crypto vs. Banks: Trump’s Plan to Eliminate the FDIC
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New SEC boss Paul Atkins will transform crypto… but not right away
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