{"id":126175,"date":"2025-03-31T19:16:09","date_gmt":"2025-03-31T19:16:09","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126175"},"modified":"2025-03-31T19:16:09","modified_gmt":"2025-03-31T19:16:09","slug":"dire-consequences-if-musk-accesses-sec-us-lawmaker","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126175","title":{"rendered":"&#039;Dire consequences&#039; if Musk accesses SEC \u2014 US lawmaker"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe top Democrat on the US House Financial Services Committee issued a warning after reports suggested that Tesla CEO Elon Musk\u2019s \u201cgovernment efficiency\u201d team would be given access to data and systems at the Securities and Exchange Commission (SEC).<br \/>\nIn a March 31 notice, Representative Maxine Waters reiterated a warning from a letter she sent to acting SEC Chair Mark Uyeda in February in response to the Musk-led Department of Government Efficiency\u2019s reported access to sensitive SEC information. DOGE is an advisory body to US President Donald Trump rather than an official department established by Congress. According to the California lawmaker, giving Musk such access would have \u201cdire consequences\u201d for US investors and present conflicts of interest.<br \/>\n\u201c[&#8230;] as a result of this takeover, the agency is at greater risk of data breaches and market disruptions, both of which could result in investors, including retirees, losing their hard-earning savings,\u201d said Waters, adding:<br \/>\n\u201cNot only that, Musk, who has been the subject of repeated SEC enforcement actions for breaking securities laws and regulations, can benefit his own businesses and harm his competitors by using his access to confidential business information and his influence over the agency\u2019s operations.\u201d<br \/>\nWaters\u2019 warning followed multiple reports suggesting that Musk\u2019s DOGE team contacted the SEC and would be given access to the commission\u2019s systems and data. Since joining the Trump administration as a \u201cspecial government employee,\u201d Musk has spearheaded efforts to fire staff at multiple government agencies, including the US Agency for International Development (USAID) and the watchdog Consumer Financial Protection Bureau (CFPB). Many of DOGE\u2019s actions face lawsuits in federal court from parties alleging the group\u2019s actions were illegal or unconstitutional.<br \/>\nRelated: Can the law keep up with Musk and DOGE?<br \/>\nAs one of the major US financial regulators, the SEC is responsible for oversight and regulation of many aspects of the cryptocurrency industry, including whether many tokens qualify as securities. Under Uyeda and US President Donald Trump, the commission has dropped several lawsuits alleging violations of securities laws against crypto firms since January.<br \/>\n\u2018Cost-cutting\u2019 strategy at SEC?<br \/>\nIt\u2019s unclear whether the DOGE team intends to \u201cpurge\u201d the SEC of employees Musk considers not loyal to the Trump administration, as has been implied in some lawsuits involving firings at other government agencies. Cointelegraph contacted acting chair Uyeda and SEC Commissioner Caroline Crenshaw for comment but did not receive a response by the time of publication.<br \/>\nDOGE\u2019s reported infiltration of the SEC comes as the US Senate Banking Committee is expected to vote on whether to advance the nomination of Paul Atkins, Trump\u2019s pick to chair the agency. At his March 27 confirmation hearing, Atkins said he would \u201cdefinitely\u201d be willing to work with DOGE if confirmed. Democratic lawmakers at the hearing questioned Atkins\u2019 potential conflicts of interest with the crypto industry.<br \/>\nMagazine: SEC\u2019s U-turn on crypto leaves key questions unanswered<a href=\"https:\/\/cointelegraph.com\/news\/house-democrats-consequences-elon-musk-sec?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe top Democrat on the US House Financial Services Committee issued a warning after reports suggested that Tesla CEO Elon Musk\u2019s \u201cgovernment efficiency\u201d team would be given access&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126175"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126175"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126175\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126175"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}