According to the California lawmaker, giving Musk such access would have “dire consequences” for US investors and present conflicts of interest.“[...] as a result of this takeover, the agency is at greater risk of data breaches and market disruptions, both of which could result in investors, including retirees, losing their hard-earning savings,” said Waters, adding: “Not only that, Musk, who has been the subject of repeated SEC enforcement actions for breaking securities laws and regulations, can benefit his own businesses and harm his competitors by using his access to confidential business information and his influence over the agency’s operations.”Waters’ warning followed multiple reports suggesting that Musk’s DOGE team contacted the SEC and would be given access to the commission’s systems and data.
The top Democrat on the US House Financial Services Committee issued a warning after reports suggested that Tesla CEO Elon Musk’s “government efficiency” team would be given access to data and systems at the Securities and Exchange Commission (SEC).
Since joining the Trump administration as a “special government employee,” Musk has spearheaded efforts to fire staff at multiple government agencies, including the US Agency for International Development (USAID) and the watchdog Consumer Financial Protection Bureau (CFPB).
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Author / Journalist: Cointelegraph by Turner Wright
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