Several legal advisers have come forward to warn Tesla and SpaceX founder Elon Musk could be investigated by the United States Security and Exchange Commission (SEC) for his activities on social media sites and public statements related to Bitcoin (BTC).
On February 8, Tesla announced the purchase of $ 1.5 billion worth of Bitcoin and will soon receive BTC payments in the near future through an SEC filing.
After that, the price of the crypto king rose sharply, setting a record all-time high (ATH) record of over $ 48,000 on Tuesday.
Former European Central Bank (ECB) deputy president Vitor Constancio said via Twitter that the SEC would look into the issue.
It was not disclosed when Tesla had made this investment. In December, Musk said that Tesla could buy bitcoin, and this was followed by many statements that he supported bitcoin. Bitcoin kept going up & Tesla investment has appreciated. The SEC will look into this 5 /
- Vitor Constâncio (@VMRConstancio) February 8, 2021
The SEC and the Commodity Futures Trading Commission (CTFC) have the right to investigate anyone who is a suspect in market manipulation.
Lately, Musk has been too vocal on Twitter, uploading tweets related to BTC and DOGE which are the cause of the sudden surge in the two cryptocurrencies.
For example, the Bitcoin jump of 20% because Musk posted #Bitcoin on his Twitter profile and at the end of December uploaded a tweet, claiming to be buying Bitcoin.
For now, Musk is still with DOGE when last night he told his followers on Twitter that he had bought some Dogecoin for his son.
Bought some Dogecoin for lil X, so he can be a toddler hodler
- Elon Musk (@elonmusk) February 10, 2021
DOGE prices continued to rise 13% after that.
Musk had previously been sued by the SEC for claiming that Tesla's share price was too high to cause a price drop. Musk is accused of committing fraud through fake tweets in May 2020 and the issue was successfully resolved.
