Bitcoin News and Finance

Tesla CEO Elon Musk Predicts ‘Comprehensive Overhaul’ of SEC With 100% Probability

Billionaire Elon Musk has called for a “comprehensive overhaul” of regulatory agencies, which includes the U.S. Securities and Exchange Commission (SEC). The Tesla and Spacex CEO added that there needs to be a commission to take punitive action against individuals who abuse their regulatory power for personal and political gain.

Elon Musk Says Comprehensive Overhaul of Regulatory Agencies ‘Sorely Needed’

Tesla and Spacex CEO Elon Musk has called for a thorough overhaul of regulatory bodies, including the U.S. Securities and Exchange Commission (SEC). He made this call after the securities regulator sued him to force him to testify about his acquisition of social media platform Twitter, now known as X.

In response to X user Mario Nawfal, who shared the news of Musk being sued by the SEC, the Tesla CEO wrote:

A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain. Can’t wait for this to happen.

Moreover, another X user asked Musk: “Will it ever happen?” The billionaire replied: “I estimate the probability at 100%”

On Thursday, the SEC announced that it had filed a subpoena enforcement action against Musk. The regulator is seeking a court order to compel the Tesla boss to attend an investigative testimony concerning his purchase of Twitter. This was not the first time the SEC had sued Musk. In 2018, the securities regulator sued him for securities fraud after he attempted to take Tesla private. Musk reached a settlement with the SEC, resulting in both he and Tesla paying individual penalties of $20 million. Additionally, the billionaire consented to resign as the chairman of Tesla’s board.

Musk has frequently voiced his disapproval of the SEC. During a December 2013 interview with “60 Minutes,” he clarified that he adhered to the settlement agreement with the SEC out of respect for the justice system. He stressed at the time: “I do not respect the SEC. I do not respect them.”

Several U.S. lawmakers have called for an overhaul of the SEC. Congressman Warren Davidson (R-OH) has proposed the SEC Stabilization Act. The bill would remove the role of the SEC chairman and add a sixth commissioner, “so there would be no more than three from any one political party,” the congressman recently explained. Furthermore, various individuals have forecasted a potential transformation within the SEC in the event of a Republican president being elected, among them former SEC internet enforcement chief John Reed Stark.

Do you agree with Elon Musk that a comprehensive overhaul of the SEC and other regulatory agencies is sorely needed? Let us know in the comments section below.

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Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r

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