Tesla CEO Elon Musk tweeted his hope that rumors are true that the U.S. Securities and Exchange Commission is investigating his frequent tweeting about dogecoin (DOGE). "It would be awesome," he said
- Because the SEC doesn't consider the meme-based cryptocurrency a security, an investigation by that body into market manipulation of DOGE would seem unlikely. However, because the SEC is known to be monitoring Musk's social media output as part of a settlement of charges that he'd committed securities fraud for misleading tweets, it's not out of the question.
- Should the SEC start looking for evidence the CEO has been a vocal booster of DOGE, which is represented by a Shiba Inu dog, such proof wouldn't be hard to find. At one point describing himself as the "dogecoin CEO," Musk has been a frequent tweeter of memes boosting DOGE. While other parents might buy their child a puppy, Musk tweeted earlier this month that he had bought his nine-month-old son a DOGE.
- Musk's most recent DOGE tweet was Thursday morning:
- And, per usual, the price of the cryptocurrency rose in response to Musk's tweet, sort of like Pavlov's DOGE.
- It wasn't immediately clear where the rumor of an SEC investigation started. It's possible it is a false rumor and an attempt to manipulate the market. If that proves to be the case, the Tesla CEO will be denied the pleasure of his anticipated DOGE fight with the SEC.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.