💥Elon Musk & Mark Cuban Team Up Against The SEC!

The Billionaires are going after Gary Gensler and the SEC as the Crypto industry is in the midst of a battle with the agency

Oct 19, 2023

Hi Everyone,

Billionaires Elon Musk and Mark Cuban are teaming up to stand up to the Securities & Exchange Commission (SEC).

Mark Cuban goes from offending Elon Musk to landing Tesla as potential client | Marca

In a joint amicus brief filed on Wednesday October 18th, the pair voiced their support for the overhaul of current agency administrative proceedings that allow for the use of in-house judges to preside over cases brought by the SEC itself, prohibiting defendants from the right to a jury trial. Full Brief Link

This partnership is interesting but not surprising as both Elon and Mark have both had their battles with the SEC. Mark defeated the SEC in an insider trading lawsuit brought on him in 2008 and has been a vocal critic of the SEC and how they are handling crypto regulation.

Elon Musk has been investigated and sued by the SEC, he has settled with them.

In February 2022 he stated in response to a user on X (formerly Twitter) that he was building a case against the SEC and that he didn’t start the fight with the agency but would finish it.

So why is this important for the crypto industry? Well here are some common grounds and indirect benefits:

Both Elon and Mark are bullish on crypto, they are both building and investing in it. Mark has been critical of Gary Gensler and the SEC on their handling of the crypto market.
The SEC has taken many high profile losses lately with the Ripple XRP and Grayscale Bitcoin ETF cases. Coinbase and Binance are both fighting the SEC in court. This has left the SEC vulnerable which is ideal for Elon and Mark’s case.
SEC chair Gary Gensler has been getting pressure from members of Congress on the approval of a Bitcoin Spot ETF, what is a security and what is not, and over using regulation by enforcement.

Litigation from Elon Musk and Mark Cuban will only tie up the SEC resources and further weaken their aggressive approach to the crypto industry. Gary Gensler is losing in the court of law and public opinion and the pressure is mounting.

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It’s important to mention that Congressman Warren Davidson not too long ago introduced the SEC Stabilization Act which would revamp the SEC structure and remove the chairman seat. Here is my interview with Congressman Davidson where we discuss the bill.

Things are about the heat up next week as there are two new Congressional hearings that were just added to the calendar.

Tuesday October 24th - The House Financial Services Committee have announced a hearing titled: "Examining the SEC's Agenda: Unintended Consequences for U.S. Capital Markets and Investors". Expect this hearing to bring a lot heat on Gary Gensler and the SEC.
Wednesday October 25th - The Financial Services GOP Digital Assets Subcommittee scheduled a hearing titled: “Modernizing Financial Services through Innovation and Competition”.