Musk Takes Aim at SEC, Calls it a ‘Weaponized Institution

Elon Musk recently criticized the U.S. Securities and Exchange Commission (SEC) on X, labeling it a "weaponized institution."

His remarks followed a decision by the Fifth Circuit Court of Appeals, which ruled that the SEC exceeded its authority by approving a Nasdaq policy mandating corporate boards to adopt diversity quotas based on identity. Judge Andrew Oldham, who wrote the opinion, emphasized that the SEC’s role is to maintain a fair and transparent market, not to enforce political agendas in corporate governance.

Musk’s comments have drawn responses from Ripple executives, including CEO Brad Garlinghouse and CTO David Schwartz, who joined the ongoing debate over the SEC’s actions. This critique also comes as the U.S. Supreme Court rejected the SEC’s attempt to penalize Musk for missing a court-ordered testimony.

In addition to his criticism of the SEC, Musk has expressed intentions to overhaul government operations. His proposal to create the Department of Government Efficiency (DOGE) aims to cut the federal budget by $2 trillion, approximately 30% of its current size. His plan also includes measures such as a return-to-office mandate for federal employees and potentially dismantling certain government agencies.

Author

Alexander Zdravkov

Reporter at CoinsPress

Alexander Zdravkov interessiert sich leidenschaftlich für Bedeutungsfragen. Er ist seit mehr als drei Jahren im Kryptobereich tätig und hat ein Auge dafür, aufkommende Trends in der Welt der digitalen Währungen aufzuspüren. Ob er nun tiefgreifende Analysen liefert oder tagesaktuell über alle Themen berichtet, sein tiefes Verständnis und seine Begeisterung für das, was er tut, macht ihn zu einer wertvollen Ergänzung für das CoinsPress-Team.