The well-documented legal tussle between the Securities and Exchange Commission (SEC) and Ripple signals the beginning of a legal battle between cryptocurrency industry players and the financial regulatory body.
The SEC announced last year that it had filed charges against Ripples following its use of unregistered accounts to carry out digital asset transactions, which the SEC believes is illegal as it is contrary to the rules and regulations of financial transactions.
Recently, Elon Musk seems to have an issue with the regulatory body after he publicly confirmed his readiness to enter into a legal battle with the SEC following the course of action taken by Ripple in its bid to defend itself from further sanctions.
It is well known that both Tesla and Musk have had an ongoing running battle with the SEC for some time now. Still, it appears that the conflict of interest will not end anytime soon as the Tesla boss has taken it upon himself to seek legal redress for the issue.
Musk admitted that the time has come to take the fight to the SEC for handling his case and how the issue has been dragging for so long as it is in the public domain. He wants an amicable end to the problem.
I Want To End It, Says Musk
In reaction to the Tesla boss’s story about challenging the SEC in court, a Twitter commenter has posted a hypothetical statement about Musk having enough evidence to take on the federal regulatory body in court. Reacting to the post on Twitter, Musk himself confirmed that he is doing just that to prepare himself against the SEC.
After the comments about having shreds of evidence against the regulatory agency, Musk added that he is battle-ready to take on the SEC in a legal tussle. The electric car maker and its boss are prepared for the fight ahead.
Musk Vs. SEC
Elon Musk is known to be an unpredictable character, given that no one else can say for sure what he is capable of doing and what action he is prepared to take to achieve an aim.
He recently spoke through his attorney accusing the SEC of making the details of a federal investigation public after avenging his public criticism against them.
Elon Musk’s ordeals with the SEC started as far back as 2018 when the regulatory body filed a case against him for some unregulated funding considered illegal. After the SEC filed the case against him, Musk publicly took a dig at the agency, claiming it was working for others against Tesla.
However, the case did not go his way as he and Tesla were forced to pay a fine of $20 million, and, in addition to that, Musk was forced to step down from the Tesla management board.
By agreeing to the settlement, Musk did not want Tesla to be fingered as a partner in his criticism of the SEC to avoid any further damage to the company’s business structure.