Elon Musk warned of a possible lawsuit over tweets about Dogecoin

Crypto-Law founder John Deaton tagged Elon Musk in a recent tweet, warning the billionaire that his frequent tweets promoting the Dogecoin cryptocurrency could cause him the same legal problems as the token and XRP have for their owners, Ripple. As a reminder, the SEC has subpoenaed Ripple to court, which is still ongoing.

«Be careful, Elon, because Gary Gensler and the SEC may perceive Dogecoin [яким ти володієш і фактично маєш вплив на ціну] as an investment contract with you and your companies,» Deaton wrote.

Earlier, Elon Musk said that Dogecoin would be used to buy merchandise from his companies Tesla and SpaceX. This led to a 10% increase in the token’s value.