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What the SEC has done is ask Judge Nathan to issue an Order to Show Cause, which she will almost assuredly do now that the SEC has formally asked. (This is the same thing PlainSite's founder @AaronGreenspan asked Judge Nathan to do in two letters over the past two weeks.)
@AaronGreenspan An Order to Show Cause requires the target(s), in this case the defendants (Musk/Tesla), to prove that they didn't do something wrong (violate the Consent Orders/the law). It starts with the baseline assumption that they did, but gives them one last chance to defend themselves.
@AaronGreenspan The evidence here is sufficiently damning—note the use of bold by the SEC—that it won't matter much what Musk's lawyers write now. The combination of having already paid $40 million in combined fines, plus thumbing his nose on 60 Minutes, is a pretty grave situation for him. 
Judge Nathan is likely to ask the SEC for a recommendation of what the Court should do, perhaps at a hearing that will likely be scheduled in the next few weeks. Then the SEC can say they want him and/or $TSLA to pay lots more money or resign as CEO. Not many other choices.
Not yet, until the judge says so. But it's clear that the SEC believes he has broken the law, violated the Consent Orders, and is in contempt of court. Hard to imagine that if Judge Nathan agrees he could continue to run a publicly traded company.
This also ups the likelihood that the SEC ultimately makes a criminal referral to DOJ for securities fraud on behalf of Musk, if it hasn't done so already.
