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SEC acting chair voted against suing Elon Musk over Twitter stock disclosure

The acting chair of the US Securities and Exchange Commission has reportedly voted against the agency suing Elon Musk over the billionaire’s alleged securities violations concerning the disclosure of Twitter stocks. 

Citing anonymous sources, Reuters reported on March 24 that the SEC’s five commissioners conducted a vote on whether to sue Musk or not before the agency filed its lawsuit against the billionaire. 

Four commissioners voted in favor, while the lone dissent came from Mark Uyeda, who was appointed acting chair by US President Donald Trump on Jan. 20. SEC Commissioner Hester Peirce voted along with three other commissioners to sue Musk. 

Uyeda and Peirce are known for their dissenting opinions on the SEC’s enforcement actions against the crypto industry during former SEC Chair Gary Gensler’s time in office.

SEC lawsuit against Elon Musk

In 2022, Elon Musk bought Twitter for $44 billion and rebranded the social media platform to X. After the acquisition, the SEC began investigating whether Musk violated any securities laws as he acquired the platform. 

The SEC filed a lawsuit on Jan. 14 alleging that Musk failed to disclose his purchase of Twitter shares within the required 10-day window after surpassing the 5% ownership threshold. The agency said Musk delayed the disclosure by 11 days, allowing him to continue acquiring shares at lower prices, ultimately saving an estimated $150 million.

Related: Musk says he found ‘magic money computers’ printing money ‘out of thin air’

Elon Musk claps back at “broken” organization

Musk’s lawyer, Alex Spiro, previously told Cointelegraph that the SEC’s action is an “admission” that it cannot bring an actual case. Meanwhile, Musk described the SEC as a “totally broken organization” on X, saying “so many actual crimes” go unpunished. 

Around a month after the lawsuit was filed, the Department of Government Efficiency (DOGE), a US government agency led by Musk, set its sights on the SEC. On Feb. 17, a page affiliated with DOGE called on the public to disclose any “waste, fraud and abuse” related to the SEC. Musk also shared the post to his over 200 million followers on X. 

A court filing indicates Musk has until April 4 to respond to the lawsuit. Meanwhile, President Trump has issued an executive order calling for a review of what he calls politically motivated investigations at the SEC and other federal agencies under the previous administration.

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

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Binance seeks DOJ deal that could end 2023 compliance monitor: Report

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Binance seeks DOJ deal that could end 2023 compliance monitor: Report

Binance seeks DOJ deal that could end 2023 compliance monitor: Report

The DOJ is reportedly considering lifting a three-year compliance monitor imposed under Binance’s $4.3 billion settlement.

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Coinbase asks US DOJ to take steps to prevent state enforcement cases

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Coinbase asks US DOJ to take steps to prevent state enforcement cases

Coinbase asks US DOJ to take steps to prevent state enforcement cases

The company’s chief legal officer urged federal officials to push Congress for certain provisions in a pending market structure bill to prevent what it called “state blue-sky laws.”

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Setback to ‘one in, one out’ migrant scheme after man wins court bid to temporarily block removal

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Setback to 'one in, one out' migrant scheme after man wins court bid to temporarily block removal

An Eritrean asylum seeker, who arrived in the UK on a small boat, will not be deported on Wednesday under the government’s “one in, one out” pilot scheme.

It comes after the man, who cannot be named for legal reasons, won his High Court bid to have the removal temporarily blocked.

He had been due to be on a flight to France at 9am on Wednesday and brought a legal claim against the Home Office, asking the court for a block on his removal.

Lawyers acting on his behalf said the case “concerns a trafficking claim,” alleged he has a gunshot wound in his leg, and warned the High Court that the man could be left destitute if he was returned to France.

The Home Office defended the case, saying it was reasonable to expect the man to claim asylum in France when he first arrived there, before coming to the UK in August.

On Tuesday evening, Mr Justice Sheldon said: “I am going to grant a short period of interim relief.”

It came after a decision from the national referral mechanism (NRM) – which identifies and assesses victims of slavery and human trafficking – and the invitation from the NRM for the man to make further representations.

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Migrant deal with France has ‘started’

Explaining his ruling, Mr Justice Sheldon added that the “status quo is that the claimant is currently in this country and has not been removed”.

However, he added: “This matter should come back to this court as soon as is reasonably practical in light of the further representations that the claimant… will make on his trafficking decision.”

The ruling is a setback to the government’s plan to return such migrants, with the man due to be the first person deported under the UK and France’s “one in, one out” returns deal signed in July.

Read more: How UK-France migrant returns deal works

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UK-France migrant returns deal explained

That deal means the UK can send people back to France if they have entered the country illegally.

In exchange, the UK will allow asylum seekers to enter through a safe and legal route – as long as they have not previously tried to enter illegally.

It is a pilot scheme for now, in place until June 2026.

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In response to the ruling, shadow home secretary Chris Philp said that Labour’s returns deal “had failed to remove a single migrant, yet thousands more continue to arrive”.

The Conservative MP added that “the government must come clean on whether even one person has been sent to us from France in return”.

He then said he told Home Secretary Shabana Mahmood “that unless they disapply the Human Rights Act for immigration cases, this deal would collapse in court”.

“She refused, and here is the predictable result,” Mr Philip continued. “This is another failed gimmick from this weak government who seem think a press release is the same as action.”

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