China News Daily TheBitTimes.com

The U.S. Securities and Exchange Commission (SEC) said on Friday it intends to seek sanctions against Elon Musk in its ongoing Twitter probe. The SEC says Musk failed to appear for court-ordered testimony for their probe into his $44 billion takeover of X. JUST IN: SEC seeks sanctions against Elon Musk in its X (Twitter) takeover investigation. pic.twitter.com/bF6Cr3gszt — Watcher.Guru (@WatcherGuru) September 20, 2024 The SEC wrote in a court filing Friday that the sanctions motion would seek an order to show cause for why Musk should not be held in civil contempt. Musk waited until just three hours before the scheduled Sept. 10 testimony to advise he would not appear, according to the regulator. The SEC has been investigating Musk’s purchase of Twitter for 11 months, looking to get the Tesla founder to testify. They are investigating potential violations of U.S. securities laws around the purchase, according to an SEC filing in October 2023. The SEC sued Musk that month t...

The UK ’s National Audit Office ( NAO ) has accused the country’s Financial Conduct Authority ( FCA ) of enforcing crypto laws too slowly and said that a shortage of crypto -savvy staff has caused delays in registering crypto firms. That’s according to today’s report published by the NAO, a non-government entity tasked with scrutinizing public spending. It claims crypto-assets may be a key area of uncertainty capable of hindering the FCA’s ability as a regulator. In its key findings, the report states “there can be a significant delay between the FCA identifying an issue to tackle, and it taking regulatory action.” It cited the FCA’s slow approach to cracking down on illegal crypto ATMS. “While the FCA has required crypto-asset firms to comply with anti-money laundering regulations since January 2020, and began supervision work including engaging with unregistered firms, it did not begin taking enforcement action against illegal operators of crypto ATMs until Feb...