SEC Commission Majority Approves Lawsuit

According to the report, the SEC’s five commissioners held a vote on whether to sue Elon Musk. Four commissioners voted in favor of the lawsuit, while Mark Uyeda, the acting chair, cast the only dissenting vote. Uyeda was appointed as acting chair by U.S. President Donald Trump on January 20, 2025. Additionally, SEC Commissioner Hester Peirce also voted in favor of suing Musk along with three other commissioners.

What Are the Allegations Against Musk?

In the lawsuit filed on January 14, the SEC claimed that Elon Musk failed to disclose his purchase of Twitter shares within the required 10-day window after exceeding the 5% ownership threshold. The agency alleges that Musk delayed the disclosure by 11 days, allowing him to continue buying shares at lower prices, which resulted in an estimated $150 million advantage.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Elon Musk‘s lawyer, Alex Spiro, rejected the SEC‘s allegations, stating that the agency’s action was an admission that it could not bring an actual case. Meanwhile, Musk referred to the SEC as a “totally broken organization” on social media platform X, arguing that “so many actual crimes” go unpunished.

DOGE Agency and New Investigation Requests

One month after the lawsuit was filed, Musk’s Department of Government Efficiency (DOGE), a U.S. government agency led by Musk, turned its attention to the SEC. On February 17, a DOGE-affiliated account called on the public to report any “waste, fraud, and abuse” within the SEC. Musk also shared this post with his 200 million+ followers on X.

Court filings indicate that Elon Musk has until April 4 to respond to the lawsuit. Meanwhile, President Donald Trump issued an executive order calling for a review of politically motivated investigations within the SEC and other federal agencies under the previous administration.

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According to documents submitted to the U.S. Securities and Exchange Commission on Monday, Pantera Capital raised $20 million to invest in TON’s cryptocurrency, Toncoin.

The documents indicate that the firm secured funding from at least 29 investors across two separate funds. The official sales for both funds began in July. Pantera Capital had started reaching out to investors in June, with a minimum investment requirement of $250,000.

The two new funds for Toncoin are based on the firm’s prior investment announced in May. Pantera described this investment as the “largest” in its 21-year history but did not disclose the amount.

The Impact of Durov’s Detention on TON

The VC firm’s optimism for TON reflects the excitement of other crypto investors, continuing even after French authorities arrested Telegram CEO Pavel Durov in August.

Durov is currently out on bail in France. He faces six preliminary charges for allegedly refusing to cooperate with law enforcement authorities regarding the distribution of child abuse material, drug sales, and other criminal activities on Telegram.

Following Durov’s detention, the price of Toncoin dropped.

Ton Rebounds!

Nevertheless, TON supporters did not lose faith Alex Felix, managing partner at CoinFund, said in August, ‘The fundamental case for TON remains strong.’ At a TON blockchain conference held in Dubai in November, attendees noted that the TON ecosystem had moved on from the Durov crisis.

‘It certainly was a bit bad for a couple of weeks,’ said Jack Booth, co-founder of TON Society, the entity that organized the conference. ‘But the news cycle moves on.’

Following the broader surge in the crypto market after Donald Trump won the U.S. presidential election, Toncoin has regained almost all of its losses since Durov’s arrest. According to CoinGecko, Toncoin briefly rose to $6.84 on Monday, a 2% increase over its price before Durov’s arrest. It is now trading at approximately $6.60.

With a market capitalization of nearly $17 billion, Toncoin is still trading about 20% below its July peak.

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