Elon Musk criticizes the Securities and Exchange Commission and Department of Justice amid a lawsuit to compel testimony in the Twitter investigation

Elon Musk called for a “comprehensive review” by the US Securities and Exchange Commission hours after the regulator filed a lawsuit against Musk alleging he failed to testify in its investigation into his $44 billion purchase of Twitter (now X) last October.

The SEC is investigating whether Musk’s purchase triggered securities laws, and the regulator’s Oct. 5 filing in a California district court seeks to force Musk to comply with an earlier SEC subpoena.

In a post on X on the same day, Musk said he suggested That the SEC, along with the US Department of Justice, should be investigated instead.

“There is an urgent need to conduct a comprehensive review of these agencies, along with the formation of a committee to take punitive action against those who have abused their regulatory power for personal and political gain.”

“I can’t wait for this to happen,” Musk added, in response to a post detailing various actions taken by the US government against Elon Musk-led companies.

There is an urgent need to conduct a comprehensive review of these bodies, along with the formation of a committee to take punitive action against those who have abused their regulatory power for personal and political gain.

I can’t wait for this to happen.

– Elon Musk (@elonmusk) October 5, 2023

There is an urgent need to conduct a comprehensive review of these bodies, along with the formation of a committee to take punitive action against those who have abused their regulatory power for personal and political gain.

I can’t wait for this to happen.

When User X asked him if such research would ever happen, Musk replied: He replied: “I rate the probability at 100%.”

The SEC said it subpoenaed Musk in May 2023 and asked him to testify at the SEC’s office in San Francisco on September 15, which Musk initially agreed to, according to the filing.

Two days ago, Musk “abruptly” informed the SEC that he would not be attending and raised several “false” objections, the SEC said.

The regulator said it attempted to negotiate an alternative time and location for Musk’s testimony “in good faith,” but its efforts were met with “absolute rejection” from Musk.

The SEC also claimed that Musk’s objections lacked legal merit.

“None of Musk’s objections have legal validity, and he has no justifiable excuse for not complying with the SEC’s subpoena.”

X is one of the most popular social media platforms for the cryptocurrency community, and one of the hot topics is the SEC’s regulatory approach to the cryptocurrency industry.

Musk has been looking to integrate cryptocurrency payments into X in recent months after obtaining a currency sending license from the Rhode Island regulator in late August.

Musk has criticized the SEC in the past, and clarified his stance on the regulator in an interview with 60 Minutes in December 2018:

“I have no respect for the SEC. “I have no respect for them.”

“I have no respect for the SEC.”

Elon Musk

pic.twitter.com/a46zuKXb1X

— Tesla owners in Silicon Valley (@teslaownersSV) October 5, 2023

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