The regulatory activities of the SEC have renewed calls for market participants to oppose the agency. Supporters of Ripple have urged Elon Musk to join forces with them to fight against the securities regulator. This is following the Tesla CEO’s filing of an accusation against the SEC.
Musk has another run-in with the SEC
In the letter which was addressed to Manhattan U.S. District Judge Alison Nathan, Musk and Tesla’s lawyer, Alex Shapiro, stated that the SEC was hounding his clients with countless investigations.
Shapiro held that the commission was doing this because Musk has continued to remain an outspoken critic of the government.
Worst of all, the SEC seems to be targeting Mr. Musk and Tesla for unrelenting investigation largely because Mr. Musk remains an outspoken critic of the government, Shapiro wrote.
He added that the SEC seems bent on denying Musk his right to freedom of speech. CNBC reports that Judge Nathan has asked the SEC to respond by February 24.
The filing is coming after Tesla revealed that the SEC had subpoenaed Musk over his Twitter activity.
This is not the first time that Musk has had a run-in with the SEC over the issue. The SEC first sued Musk and Tesla for a misleading tweet in 2018. At the time, a $40 million settlement was reached.
Why XRP supporters want Musk to join them
With Musk’s latest complaint about the SEC’s oversight, supporters of Ripple and the embattled XRP token have called on the billionaire to also throw in his hat with them. Many Ripple supporters are highlighting that the XRP community has a similar grudge against the SEC.
One such supporter, Attorney John Deaton, pointed out that the XRP community, like Musk, was tired of the SEC’s tactics. Deaton invited Musk to join the XRP community in any capacity he wishes.
@elonmusk over one thousand of the 65K that have joined in the fight against the SEC do not own #XRP. They joined b/c they’re tired of the SEC’s overreach, extortion and bullying tactics. You can join and be a silent member or join and be out front.https://t.co/mnRYX8cTTH
— John E Deaton (@JohnEDeaton1) February 17, 2022
Other XRP supporters have joined the call, stating that the XRP community has “a much bigger bite than Dogecoin.”
Meanwhile, the SEC lawsuit against Ripple has been progressing gradually. The next anticipated date in the case is February 24 when the SEC has to respond to Brad Garlinghouse’s motion to compel turnover of the “Estabrooks Notes,” as Attorney James K Filan says.