The SEC isn't forcing anything, as such, but public information about being investigated for something like this, in a public company, might well affect the market's willingness to lend to you.

Musk has also said he is going to launch legal action on this. Because that's almost exactly what happened, and it is unfair. So you are correct, and this saga probably still has more to go.

What's funny is almost anyone on the planet couldn't go up against someone like the SEC, which is why they can get away with this. Good on Musk for doing it.