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US SEC may question Elon Musk over Tesla s bitcoin purchase: Report
On February 8, Tesla said in a filing it had purchased $1.5 billion worth of bitcoin and might start accepting it as a form of payment in the near future .
Elon Musk. (File Image)
Tesla founder Elon Musk might be questioned by US Securities and Exchange Commission (SEC) after the automaker said it had bought $1.5 billion worth of bitcoin, some experts have warned.
The Tesla Chief Executive Officer (CEO), the world s richest person, could be questioned if Tesla already owned bitcoin, since the cryptocurrency s price had risen after he included #Bitcoin in his Twitter bio, The Telegraph said. Musk has since deleted the hashtag from his Twitter bio.
Read more about Canadian regulator clears world s first bitcoin exchange traded fund launch on Business Standard. The Ontario Securities Commission has approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc. said in a statement
The plans let insiders profit while leaving retail traders at a disadvantage, the lawmakers said.
The flaws also risk undermining public confidence in markets, they added.
A trio of Democratic Senators called on the Securities and Exchange Commission to overhaul insider trading rules that allegedly put retail investors at a disadvantage.
Sens. Elizabeth Warren, Sherrod Brown, and Chris Van Hollen urged the regulator to review and update policies regarding 10b5-1 plans. The policy allows corporate executives to schedule stock purchases and sales for the purpose of avoiding instances of insider trading. Yet the group of lawmakers suggests executives particularly those in the health care sector are misusing the plans for personal profits.