Elon Musk calls for reforms of the SEC, other agencies

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Elon Musk calls for reforms of the SEC, other agencies

Elon Musk, owner and CTO of X, called for an overhaul of the United States' main securities regulator and other agencies on Oct. 5.

In response to earlier events, Musk issued a statement. On Oct. 5, the SEC said it had applied for an order that will compel Musk to respond to an investigation subpoena and provide testimony. The incident concerns Musk's acquisition of Twitter, now X, in 2022. In September, Musk failed to appear to testify in compliance with an earlier subpoena.

Musk isn't the only one who has expressed his opposition to the securities agency. The two companies, both of which were sued by the SEC in June over their exchange-related services, are now seeking legal action to fight the agency.

Ripple, which was suspected by the SEC in December 2020 for corporate and executive sales of the XRP token, defended itself and gained a partial victory in this summer, though its case continues. Besides, Grayscale took the SEC to court to compel the government to review its Bitcoin ETF application, which received a ruling in its favor this August.

In addition, some officials are also calling for a restructuring of the securities agency. In June, House Republicans Warren Davidson and Tom Emmer introduced a bill to reform the SEC, clearing the way for Gary Gensler to be removed as chair.

The SEC's board has frequently objected to the agency's decisions on crypto-related issues, including Peirce and Uyeda.