Dogecoin (DOGE) Twitter Payments Could Land Elon Musk in SEC Trouble, XRP-Compliant Lawyer Suggests
In a tweet Recently, XRP support attorney John Deaton questioned whether Twitter CEO Elon Musk would be sued by the U.S. Securities and Exchange Commission (SEC) if he allowed Dogecoin (DOGE) payments on his social media platform.
While Deaton believes such a scenario would be "ridiculous", the legal expert does not rule out such a possibility. The attorney, who has been extremely critical of the SEC, argues that the agency is "malicious." Twitter is seeking regulatory approval for a new payment system. Initially, it will only support fiat currencies, but Musk is also planning to add support for cryptocurrencies, according to the reports.
Here's a thought: If @elonmusk allow payments above @Twitter , but allow ONLY #DOGE , he would risk being sued by the SEC claiming that #DOGE Is it an unregistered title? The answer should be: this is a ridiculous thought. But with today's malicious SEC, isn't it?
— John E Deaton (@JohnEDeaton1) January 31, 2023
While it remains unclear which specific cryptocurrencies Twitter will support, the meme cryptocurrency Dogecoin appears to be the most likely option. SEC Chairman Gary Gensler clarified that the agency does not view Bitcoin as a security, but the regulatory status of other major altcoins remains unclear. The formidable regulator sued Ripple in December 2020, arguing that the company offered XRP as an unregistered security. The outcome of the case will likely bring more regulatory clarity.
As informed by the PortalCrypt, Elo Musk and Twitter continue with plans to implement a payment system on Twitter, Twitter is designing a system to enable payments through the social media platform. The billionaire owner Elon Musk He wants it “first and foremost” to be for fiat currencies, but he wants the ability to add cryptocurrencies later, the Financial Times reported on Monday.
Check out the full report, here.
