Elon Musk’s “ongoing public belligerence” toward the Securities and Exchange Commission could not only weigh on the stock but also ultimately result in his removal as the boss at Tesla, JPMorgan Chase said in a note on Monday.

“The option market is embedding no volatility premium for upcoming legal events in the case of SEC v. Elon Musk,” the strategists wrote in the note. “Surprising given these fears previously caused a significant decline in Tesla TSLA, -10.34% shares and a surge in volatility to multiyear highs.”

Fellow billionaire Mark Cuban, who had his own run-in with the SEC years ago, stepped up to defend Musk on Twitter TWTR, +6.08% in recent days.

That’s Cuban responding to a law professor, who clearly took exception with the way Musk has handled his dealings with the SEC.

Musk, following his infamous “funding secured” tweet about taking Tesla private, followed up last month with another about the company’s production targets for 2019, which apparently violated the previous settlement between the two sides.

Cuban’s contention is that the onus should be on the SEC to be more transparent about the rules and more accessible to those needing clarity.

Cuban posted a video of his interaction with the SEC from 2014:

Bottom line, as Cuban sees it, is that “if they really wanted to prevent fraud they would publish every guideline they use internally, with the obvious disclaimers. They would push for real laws to be passed so that real penalties could be put in place.” Instead, he says, they “create regulations via litigation.”

Meanwhile, FT Alphaville’s Jamie Powell says it’s not that difficult for a CEO of a $50-billion company to find answers to such questions.

“How about Tesla’s general counsel? Or just about any securities lawyer? Or, you know, he could just read the terms of his own settlement with the SEC?” Powell wrote on Monday. “Sure securities regulators aren’t perfect. No one is. But there’s plenty of people out there to help if you’ve got a question about what you can and can’t do as the chief executive of a company.”

Either way, JPMorgan Chase sees trouble ahead.

“The once impenetrable Tesla narrative appears to be eroding,” the note read. “Tesla remains a story of vision, steered, for better or for worse, by Elon Musk.”