Wall Street Watchman vs. Cosmic Netflix: SEC might actually be able to block Musk’s social accounts

What happens if separate regulators don’t manage to stop Musk, join forces?

Wall Street Watchman vs. Cosmic Netflix: SEC might actually be able to block Musk's social accounts

Bitcoin shakeup, can the SEC censor Musk’s social accounts?

Yesterday, the U.S. local time 1 news, the U.S. Securities and Exchange Commission SEC has warned Tesla, said Tesla did not monitor the use of its CEO Elon Musk’s Twitter, or Tesla will be held accountable on the grounds of corporate governance responsibilities.

The SEC, which cannot impose a personal ban on Musk, has no choice but to save the country with a curve .

Wall Street Watchdog vs. Cosmic Netflix
The SEC is not just now taking notice of Musk, but why choose now to step in and fix it?

The stock market has been under great scrutiny since 2021 because of Gamestop’s stock price manipulation. Some individual investors used the online Reddit forum organization to purchase Gamestop shares to make the stock price rise, disrupting the shorting plans of large institutions.

Despite the SEC’s many rounds of remediation and guidance, Gamestop’s valuation has been volatile, and the data of the U.S. stock market for the last 6 months, as seen by Chaintech, still fluctuates at a daily average of about 20%.

Then Musk tweeted “Gamestonk” with a web link to the Reddit discussion forum.

After this incident, the SEC began to be ruthless to govern the accounts of social media vloggers. The first to open the knife, of course, is the Musk of the storm.

As mentioned in the previous article, the United States may usher in the strictest regulatory era in 20 years, the SEC ushered in a new chairman, the digital currency expert served as the SEC chairman, the price of bitcoin and other digital currencies apparently suffered a greater impact. For more details, please refer to the previous article of Chaintech: Wall Street Watchman Gensler’s One Week in Office, What Signals Has the New SEC Chairman Released?

The SEC is also on the agenda to control the tools of opinion regulation, Gensler said, adding that the SEC is increasingly focusing on the impact of the interaction between social media and market behavior, and that more and more funds are making investment decisions based on the analysis of online posts and tweets.

Agency tools used to detect social media opinion could lead to market manipulation risks. gensler revealed that he is strengthening the SEC’s internal monitoring system.

In early May, the SEC said that “bitcoin is too speculative.”

On May 19, the European Central Bank ECB released data from its Financial Stability Report that also showed that the rise in digital currencies in recent months has surpassed the tulip bubble of 1637.

More than the South Sea bubble in the spring and autumn of 1720, which is the ultimate name of the “three economic bubbles” in the early financial history of Europe 2 of the famous financial case.

Musk’s history with the SEC
As a cosmic internet sensation, Musk has always had a lot of drama. After analyzing Musk’s Twitter habits and tweeting tendencies with the statistical tool Tweetstats last year, FutureCar Daily also said that Musk’s Twitter number was “as active as a high-fashion number.

Bloomberg reported on Sept. 28, 2018, that the SEC had filed court documents charging Musk with fraud.

At the time Musk tweeted that he wanted to take Tesla private, the SEC took the case to court for misleading investors, and Tesla shares plunged 13% in after-hours trading after the news broke.

Musk called the charges “unreasonable” and said he “never compromised” his integrity. He said in a statement: “I am deeply saddened and disappointed by the unreasonable actions of the SEC.

I have always acted in the interests of truth, transparency and the best interests of investors. Integrity is the most important value in my life, and the facts will prove that I have never compromised it in any way.”

In the end, a settlement was reached as a result of Tesla and Musk paying $20 million each, but how can the cosmic internet sensation Musk rest on his laurels.

On Oct. 24, 18 CNBC news said Musk’s Twitter account was briefly frozen because Twitter thought his account had been hacked. The specific reason, we will all laugh.

A year later, on May 1, 2020, Musk tweeted, “In my opinion, Tesla’s stock price is too high,” and as soon as the words left his mouth, Tesla’s stock price plunged more than 11%, and its market value evaporated by $14 billion.

And, on June 4, 2020 and February 2, 2021 local time, Musk announced that he was “temporarily quitting Twitter for a while” and came back quickly each time. But after each tweet, Tesla’s stock price, Bitcoin’s market value, and Dogcoin’s volatility, all had a big round of shocks.

Wall Street Watchman vs. Cosmic Netflix: SEC might actually be able to block Musk's social accounts

At the end of February this year, the U.S. Securities and Exchange Commission (SEC) was stepping in and investigating whether Tesla CEO Elon Musk was allegedly using the influence of his personal social media accounts to manipulate cryptocurrencies such as dogcoin.

Musk’s repeated tweets standing up for dogcoin have been a hot topic in the cryptocurrency world, with Musk lifting the dogcoin coin price by about five times in January on his own, and the market value estimated to have exceeded $6 billion in February.

Wall Street Watchman vs. Cosmic Netflix: SEC might actually be able to block Musk's social accounts

Can the SEC actually block Musk’s mouth?
The matter of permanent blocking is not new. On January 8, 2021, Twitter announced that it had permanently blocked the account of former U.S. President Donald Trump (who was still in office at the time) and had frozen his account since the previous 6.

Twitter said it had carefully reviewed the latest tweets posted by Trump’s account and related circumstances, and in view of the risk of further incitement to violence on the account, Twitter decided to permanently block Trump’s account.

Facebook CEO Zuckerberg also announced on the 7th that he was blocking Trump’s Facebook and his photo-sharing site Instagram accounts until at least the end of his term on January 20.

So, the blocking thing is possible, whether it’s the president of the United States or a roadie, the main thing, the reason to find out how. And it should not only be regulators who want to block his mouth.

Recently, Facebook’s WhatsApp has been under scrutiny for changing its user confidentiality policy, and Musk tweeted, “Let’s use Signal”.

Signal is one of WhatsApp’s competitors, and Musk’s 42 million followers were apparently affected when Signal added 5 million new user registrations just four days after Musk’s tweet, even sending the stock price of unrelated Texas medical device maker Signal Advance soaring more than 60 times in three business days.

The National Labor Relations Board’s NLRB seemed to find a breakthrough some time ago. On March 25 of this year, the NLRB ruled that Tesla USA had repeatedly violated labor laws by organizing employee organizing drives and ordered Musk to delete his own tweets from three years ago.

The tweet implied that employees would have to forfeit stock option benefits if they joined a union, and the NLRB also required Tesla to rescind portions of its 2016 confidentiality agreement that did not allow for lawful union-related activities under Sections 7 and 8 of the National Labor Relations Act.

What happens when separate regulators don’t manage to stop Musk and join forces?

Tighter regulation of digital currency in the U.S. is inevitable now. Not only the SEC, but U.S. developments in May indicate that executives from the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB) and the Federal Deposit Insurance Corporation (FDIC) have joined forces for the first time to form the Digital Currency Provincial Oversight and Management Group, which held its first meeting.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/wall-street-watchman-vs-cosmic-netflix-sec-might-actually-be-able-to-block-musks-social-accounts/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-06-02 09:01
Next 2021-06-02 09:08

Related articles