The online promotion of crypto-assets by Elon Musk in relation to the Markets in Crypto-Assets Regulation (MiCA)
9.1.2025
Question for written answer E-000057/2025
to the Commission
Rule 144
Dirk Gotink (PPE)
A lawsuit in the United States against Elon Musk and Tesla was dismissed in August 2024[1]. Mr Musk was accused of influencing the price of the crypto-asset Dogecoin via statements on X before making trades. We have indeed regularly observed statements by Mr Musk on X favouring the crypto-assets Dogecoin and Bitcoin. These have resulted in significant price effects for Dogecoin[2]. There have also been allegations of Mr Musk promoting his own content on the platform (X) that he controls[3]. Such practices illustrate the vulnerability of crypto-assets to price manipulation. The availability of Dogecoin and Bitcoin on EU financial markets exposes EU investors in these coins to potential price manipulation.
- 1.Can Elon Musk’s practices of online promotion of specific crypto-assets be considered an example of market manipulation as defined in point (c) of Article 91(2) of MiCA?
- 2.Does the Commission intend to look into cases such as these to ensure that crypto-assets do not become a source of loss and fraud to EU investors?
- 3.Does the Commission intend to investigate the potential systemic risks of crypto-assets becoming more mainstream and less regulated in the United States?
Submitted: 9.1.2025