Will SEC Investigate Musk's DOGE After Ripple's Demand?

Ripple CLO's Request Prompts SEC Probe on Musk’s DOGE

Ripple CLO Urges Probe into SEC’s Spending Stuart Alderoty, Chief Legal Officer (CLO) at Ripple, recently called on Elon Musk’s D.O.G.E. (Department of Government Efficiency) to investigate the U.S. SEC’s spending practices. In a recent post on X, Alderoty shared an image of SEC Chair Gary Gensler with a reference to “fraud and deception in AI,” implying misuse of taxpayer money. He questioned the amount of public funds being wasted on what he termed unnecessary enforcement actions.

This move comes amid widespread frustration over SEC Chair Gary Gensler’s regulatory tactics, particularly concerning the crypto industry. In a separate post, Alderoty likened Gensler’s aggressive crypto enforcement to “burning down the house” and blaming former executives, pointing to the chair's recent speech where he defended ongoing lawsuits as a continuation of previous efforts under former SEC Chair Jay Clayton.

Growing Speculation Surrounds Gensler’s Future Alderoty’s statements are not the only ones drawing attention; rumors are swirling about Gensler potentially stepping down by the end of the year. The pressure from industry leaders and regulatory pushback could impact Gensler’s position, adding to the tension between the SEC and the crypto sector.

D.O.G.E. Fuels Optimism in the Crypto Market

Elon Musk’s D.O.G.E. Aims for Transparency and Efficiency Elon Musk’s D.O.G.E. initiative, aimed at streamlining government operations, aligns with his reputation for challenging outdated systems. A recent X post from D.O.G.E. underscored inefficiencies in the U.S. tax code, which has expanded from 1.5 million words in 1955 to over 16 million today. The post highlighted the billions of hours Americans spend annually on tax preparations due to this complexity.

Impact on Dogecoin and Market Sentiment The announcement of D.O.G.E. has resonated within the crypto community, particularly influencing Dogecoin (DOGE), whose name shares an acronym with Musk’s department. Following Musk’s statement that “D.O.G.E. has real potential,” Dogecoin experienced a price surge, reflecting increased optimism among crypto investors for potential regulatory changes that could benefit the sector.

Ripple’s Push for Accountability Adds New Layer to Debate

Ripple’s CLO, Stuart Alderoty, urging D.O.G.E. to hold the SEC accountable, adds a significant angle to the ongoing conversation about government spending and its implications for the crypto industry. While it remains to be seen whether Musk will act on Alderoty’s request, any collaboration between D.O.G.E. and Ripple could signal a shift in the relationship between government oversight and the rapidly evolving digital asset landscape.