‘Dire consequences’ if Musk accesses SEC — US lawmaker
The top Democrat on the US House Financial Services Committee issued a warning after reports suggested that Tesla CEO Elon Musk’s “government efficiency” team would be given access to data and systems at the Securities and Exchange Commission (SEC).
In a March 31 notice, Representative Maxine Waters reiterated a warning from a letter she sent to acting SEC Chair Mark Uyeda in February in response to the Musk-led Department of Government Efficiency’s reported access to sensitive SEC information. DOGE is an advisory body to US President Donald Trump rather than an official department established by Congress. According to the California lawmaker, giving Musk such access would have “dire consequences” for US investors and present conflicts of interest.
“[…] as a result of this takeover, the agency is at greater risk of data breaches and market disruptions, both of which could result in investors, including retirees, losing their hard-earning savings,” said Waters, adding:
“Not only that, Musk, who has been the subject of repeated SEC enforcement actions for breaking securities laws and regulations, can benefit his own businesses and harm his competitors by using his access to confidential business information and his influence over the agency’s operations.”
Waters’ warning followed multiple reports suggesting that Musk’s DOGE team contacted the SEC and would be given access to the commission’s systems and data. Since joining the Trump administration as a “special government employee,” Musk has spearheaded efforts to fire staff at multiple government agencies, including the US Agency for International Development (USAID) and the watchdog Consumer Financial Protection Bureau (CFPB). Many of DOGE’s actions face lawsuits in federal court from parties alleging the group’s actions were illegal or unconstitutional.
Related: Can the law keep up with Musk and DOGE?
As one of the major US financial regulators, the SEC is responsible for oversight and regulation of many aspects of the cryptocurrency industry, including whether many tokens qualify as securities. Under Uyeda and US President Donald Trump, the commission has dropped several lawsuits alleging violations of securities laws against crypto firms since January.
‘Cost-cutting’ strategy at SEC?
It’s unclear whether the DOGE team intends to “purge” the SEC of employees Musk considers not loyal to the Trump administration, as has been implied in some lawsuits involving firings at other government agencies. Cointelegraph contacted acting chair Uyeda and SEC Commissioner Caroline Crenshaw for comment but did not receive a response by the time of publication.
DOGE’s reported infiltration of the SEC comes as the US Senate Banking Committee is expected to vote on whether to advance the nomination of Paul Atkins, Trump’s pick to chair the agency. At his March 27 confirmation hearing, Atkins said he would “definitely” be willing to work with DOGE if confirmed. Democratic lawmakers at the hearing questioned Atkins’ potential conflicts of interest with the crypto industry.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Sir Keir Starmer has said his government stands ready to use industrial policy to “shelter British business from the storm” after Donald Trump’s new 10% tariff kicked in.
The UK was among a number of countries hit with the lowest import duty rate following the president’s announcement on 2 April – which he called ‘Liberation Day’, while other nations, such as Vietnam, Cambodia and China face much higher US levies.
But a global trade war will hurt the UK’s open economy.
The prime minister said “these new times demand a new mentality”, after the 10% tax on British imports into America came into force on Saturday. A 25% US levy on all foreign car imports was introduced on Thursday.
It comes as Jaguar Land Rover announced it would “pause” shipments to the US for a month, as firms grapple with the new taxes.
On Saturday, the car manufacturer said it was working to “address the new trading terms” and was looking to “develop our mid to longer-term plans”.
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Jobs fears as Jaguar halts shipments
Referring to the tariffs, Sir Keir said “the immediate priority is to keep calm and fight for the best deal”.
Writing in The Sunday Telegraph, he said that in the coming days “we will turbocharge plans that will improve our domestic competitiveness”, adding: “We stand ready to use industrial policy to help shelter British business from the storm.”
It is believed a number of announcements could be made soon as ministers look to encourage growth.
NI contribution rate for employers goes up
From Sunday, the rate of employer NICs (national insurance contributions) increased from 13.8% to 15%.
At the same time, firms will also pay more because the government lowered the salary threshold at which companies start paying NICs from £9,100 to £5,000.
Also, the FTSE 100 of leading UK companies had its worst day of trading since the start of the pandemic on Friday, with banks among some of the firms to suffer the sharpest losses.
Sir Keir said: “This week, the government will do everything necessary to protect Britain’s national interest. Because when global economic sands are shifting, our laser focus on delivering for Britain will not. And these new times demand a new mentality.”
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Trump defiant despite markets
UK spared highest tariff rates
Some of the highest rates have been applied to “worst offender” countries including some in Southeast Asia. Imports from Cambodia will be subject to a 49% tariff, while those from Vietnam will face a 46% rate. Chinese goods will be hit with a 34% tariff.
Imports from France will have a 20% tariff, the rate which has been set for European Union nations. These will come into effect on 9 April.
Read more:
Red wall on Wall Street – but Trump undeterred
How will UK respond to Trump’s tariffs?
Sir Keir has been speaking to foreign leaders on the phone over the weekend, including French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni and Australian Prime Minister Anthony Albanese, to discuss the tariff changes.
A Downing Street spokesperson said of the conversation between Sir Keir and Mr Macron: “They agreed that a trade war was in nobody’s interests but nothing should be off the table and that it was important to keep business updated on developments.
“The prime minister and president also shared their concerns about the global economic and security impact, particularly in Southeast Asia.”
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Trump’s warning
Mr Trump has warned Americans the tariffs “won’t be easy”, but urged them to “hang tough”.
In a post on his Truth Social platform, he said: “We are bringing back jobs and businesses like never before.
“Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!
“THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic.”
Crypto-friendly billionaire investor Bill Ackman is considering the possibility that US President Donald Trump may pause the implementation of his controversial proposed tariffs on April 7.
“One would have to imagine that President Donald Trump’s phone has been ringing off the hook. The practical reality is that there is insufficient time for him to make deals before the tariffs are scheduled to take effect,” Ackman, founder of Pershing Square Capital Management, said in an April 5 X post.
Trump may postpone tariffs to make more deals, says Ackman
“I would, therefore, not be surprised to wake up Monday with an announcement from the President that he was postponing the implementation of the tariffs to give him time to make deals,” Ackman added.
On April 2, Trump signed an executive order establishing a 10% baseline tariff on all imports from all countries, which took effect on April 5. Harsher reciprocal tariffs on trading partners with which the US has the largest trade deficits are scheduled to kick in on April 9.
Ackman — who famously said “crypto is here to stay” after the FTX collapse in November 2022 — said Trump captured the attention of the world and US trading partners, backing the tariffs as necessary after what he called an “unfair tariff regime” that hurt US workers and economy “over many decades.”
Following Trump’s announcement on April 2, the US stock market shed more value during the April 4 trading session than the entire crypto market is currently worth. The fact that crypto held up better than the US stock market caught the attention of both crypto industry supporters and skeptics.
Source: Cameron Winklevoss
Prominent crypto voices such as BitMEX co-founder Arthur Hayes and Gemini co-founder Cameron Winklevoss also recently showed their support for Trump’s tariffs.
Related: Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec
Ackman said a pause would be a logical move by Trump — not just to allow time for closing potential deals but also to give companies of all sizes “time to prepare for changes.” He added:
“The risk of not doing so is that the massive increase in uncertainty drives the economy into a recession, potentially a severe one.”
Ackman said April 7 will be “one of the more interesting days” in US economic history.
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