Crypto advocate John E. Deaton has harshly criticized the SEC for its aggressive approach toward individuals and companies, spotlighting Elon Musk’s ongoing legal disputes with the agency. Recently, a report revealed that SEC Chair Gary Gensler demanded Musk settle allegations within 48 hours, threatening legal charges. Musk’s attorney, Alex Spiro, accused the SEC of harassment and politically driven actions.
Musk’s clashes with the SEC began in 2018 when the agency accused him of fraud over his infamous “Funding secured” tweet about taking Tesla private. While Musk settled the case by paying $20 million and stepping down as Tesla’s chairman, it only deepened his mistrust of the SEC. Musk has since launched the “Department of Government Efficiency” (DOGE), aimed at scrutinizing federal regulations.