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The US Securities and Exchange Commission (SEC) has sued technology billionaire and SpaceX founder Elon Musk for allegedly failing to disclose the acquisition of some Twitter shares, The action came as anti-crypto SEC Chair Gary Gensler prepares to step down on Jan. 20. According to a Jan. 14 filing in a Washington, DC, federal court, Musk failed to disclose that “he had acquired beneficial ownership” of Twitter in 2022. This alleged omission enabled him to keep buying shares in the social media company “at artificially low prices” and “underpay by at least $150 million,” the agency said in its filing. DOGE Pumps 4% As Elon Musk Calls The SEC A “Totally Broken Organization” This is not the first lawsuit against the technology mogul. In June 2022, a lawsuit brought forward by investors against Musk accused him of insider trading with respect to leading meme coin Dogecoin (DOGE). This was after Musk started posting pictures of the me...

Bitcoin is back on the rise today following the latest announcement by the SEC that its chair Gary Gensler will be stepping down from his post. In a move that came following mounting pressure, Gary Gensler announced he is officially stepping down from his role as chairman on January 20th. There has been growing speculation on his future in the SEC and a potential replacement since Donald Trump won the US election, and now the Chair has stamped his future. The news of Gensler stepping down from the SEC was a big win for crypto enthusiasts and investors. His resignation comes after a reign as chair where he made crypto regulation a priority, putting the hammer down on Bitcoin ETFs and crypto crime. With Trump’s cabinet being much more crypto-friendly, Gensler’s position in the SEC was always under threat. He ran the SEC as an anti-crypto unit, prolonging the approval of crypto ETFs and pursuing multiple lawsuits against crypto companies. Even the rest of the US government agr...

Republicans on congressional committees are probing Gary Gensler and the Securities Exchange Commission (SEC) for allegedly hiring the SEC’s Director of Trading and Markets based on their left-wing political ideology, alleging violations of the Civil Service Reform Act of 1978. The letter alleges that Gensler may have been influenced by the “political affiliation” of Dr. Haoxiang Zhu when hiring him.  They highlight an email Dr. Zhu sent after he called Gensler to discuss his employment. It claims Dr. Zhu affirmed “his ideological suitability” when he sent this email, “ I believe I’m in the right place on the political spectrum , and I’m happy [to] provide as many details as needed so you feel comfortable.”  Dr. Zhu was hired six months later, on November 19, 2021. The letter claims that the SEC “unlawfully” considered a bureaucrat applicant based on their political ideology, violating its own impartiality and the Civil Service Ref...