Elon Musk unfazed by rumored possibility of SEC probe into Dogecoin tweets

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Rumors of a potential investigation by america Securities and Trade Fee into Tesla CEO Elon Musk’s alleged affect on Dogecoin’s value strikes have been circulating on social media over the previous day — a phenomenon that one Twitterer has quipped is “peak 2021.” 

Musk’s earlier show-downs with the SEC however, the CEO seems to be nonplussed about the potential of an all-too-real authorized fallout sparked by his penchant for the meme cryptocurrency. Musk’s professed love for “dogs & memes” has spurred him to repeatedly put up jocular memes about Dogecoin (DOGE), most not too long ago one exhibiting the Doge mascot “on the actual moon.” 

Whereas the reference apes trader lingo for stratospheric price action and will due to this fact be construed as some type of endorsement, Musk has publicly mentioned that for all his love of the meme cryptocurrency, he is a partisan of Bitcoin (BTC) relating to strategic private and company funding. That hasn’t stopped the CEO’s twittering, nevertheless tongue-in-cheek, from offering some severe gasoline for memecoin market volatility — Dogecoin Christmas 2020 being only one occasion. 

Musk’s apparently all-too-real impact on the value strikes of each cryptocurrencies, given his huge social media following, makes disentangling meme fun from celebrity shilling virtually impossible. Authorized advisors have beforehand voiced their opinion that the CEO may already be in for scrutiny from the SEC after his documented affect on Bitcoin’s value strikes this yr.

Each the prospect of an SEC investigation and the prospect of Doge’s metamorphosis into “a real currency,” stay, for now, parallel meme-like and humorous eventualities within the CEO’s creativeness. Musk’s earlier SEC battles back in 2018 might have had actual ramifications for the CEO, leading to his elimination as chairman of the Tesla board and the cost of economic penalties, however he appears unlikely to surrender on his Twitter kicks simply but.