Interim SEC Chief Votes 4-1 Against Lawsuit Against Elon Musk; Coinbase Gave Trump $76M

The U.S. Securities and Exchange Commission (SEC) recently held a closed-door vote regarding a potential lawsuit against Elon Musk. Four of the five commissioners voted in favor of suing Musk, but the interim SEC chief, Mark Uyeda, cast the sole vote against the action. Uyeda's decision comes in the context of ongoing scrutiny of the SEC's actions under new Republican leadership. This development follows a history of SEC actions, including a notable case in 2023 where the agency charged Coinbase with violating federal securities laws. Coinbase had previously provided over $76 million to Donald Trump and promoted a meme coin associated with him, an action that has raised questions about potential conflicts of interest and corruption within the SEC.

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