Elon Musk is currently under scrutiny by the U.S. Securities and Exchange Commission (SEC) following his non-compliance with an investigation related to his $44 billion acquisition of the social media platform formerly known as Twitter, now X, in 2022. The SEC initiated a lawsuit against Musk after he missed a scheduled testimony on September 15 and another opportunity in Texas.

Musk responded to the SEC’s actions on Twitter, advocating for a regulatory overhaul. His lawyer, Alex Spiro, corresponded with the Wall Street Journal via email regarding the issue. This legal action has elicited responses from various quarters, including the XRP community. Attorney John Deaton of Crypto-Law US implied political motives behind the lawsuit, while a prominent XRP influencer, Sherrie, conjectured a connection to Trump’s data, a theory refuted by former SEC official Marc Fagel.

In related news, Sam Bankman-Fried’s crypto fraud trial is intensifying with the testimony of co-founder Gary Wang playing a significant role. The trial coincides with Musk’s SEC-probed buyout of Twitter.