Elon Musk Is Warned About Dogecoin and the SEC by the Founder of Crypto-Law

John Deaton, the founder of Crypto-Law, recently tagged Elon Musk in a tweet, warning the billionaire that his frequent tweets advocating Dogecoin may get him in the same legal issues as Ripple and the XRP token.

Here’s how Musk and his firms could end up in hot water.

John Deaton responded to a post from @JayBlessed901, a Twitter user. The latter tweeted something about the unfairness of SEC chairman Gary Gensler’s long-running action against Ripple – a firm with over 300 significant financial institutions as customers outside the US – while Elon Musk freely drives the DOGE price up with his tweets.

The Twitter user was not attempting to persuade the SEC to sue Musk; however, Deaton discovered that this was a possibility and notified the CEOs of Tesla, SpaceX, Starlink, and two smaller companies.

According to the attorney, Gensler and the SEC may recognize Dogecoin as an investment contract with Musk and his firms.

However, it appears that the so-called Elon Musk effect on the Dogecoin price is fading. Earlier this week, Musk’s tweet was about to drive DOGE up for roughly 23 seconds.