The Elon Musk-led US Department of Government Efficiency (DOGE) has set its eyes on conducting an in-depth investigation on the Securities and Exchange Commission (SEC) as part of the agency’s target to cut government wastage of funds.
Some analysts speculated that the DOGE’s scrutiny of the regulatory body could impact the lawsuit faced by crypto firm Ripple, which might end up with SEC withdrawing the case against the firm.
Probe On SEC
The official DOGE-SEC account on X announced that the government efficiency department would initiate an investigation against the SEC, seeking public assistance in reporting possible wrongdoing of the regulatory body.
“DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud and abuse relating to the Securities and Exchange Commission,” DOGE_SEC said in a post.
The post received a great deal of attention from the public, encouraging people to report any SEC-related misconduct that they know. As of writing, the post has gained more than 8,000 replies.
Drop The Cases Vs Crypto Players
Consequently, many members of the cryptocurrency community are urging the SEC to drop, pause, or review the various lawsuits charged against several crypto players like Coinbase, Binance, Ripple, and Helium.
Paul Grewal, the Chief Legal Officer of Coinbase, even suggested that the regulatory body should shoulder the legal costs and fees of defendants if the SEC lost a lawsuit.
Some analysts said this demand from Grewal is understandable, considering the many years of legal back-and-forth between the crypto exchange and the SEC.
Moreover, many members of the crypto community are urging the SEC to dismiss the case filed against Richard Heart, founder of PulseChain, Hex (HEX), and PulseX (PSLX).
Some individuals are pushing to conduct a probe on how the SEC handled the ETH Gate controversy and the case against Ripple, accusing the former SEC head Gary Gensler of political favoritism in his decisions.
Ripple Case Seen To End
Many members of the crypto community believe that the lawsuit could be dropped in the upcoming months with a new SEC head and the DOGE_SEC probe.
The SEC under the Trump administration vowed to take a different approach toward regulating digital assets.
In addition, SEC cases against Binance, Coinbase, and Lejilex might end up with a favorable ruling or possibly be dropped as Mark Uyeda has been appointed as Acting Chair while Commissioner Hester Peirce will lead the Crypto Task Force.
Analysts believe that the Crypto Task Force will also have a vital role in resolving non-fraud-related crypto cases.
Several legal experts suggested that the SEC will move away from its current aggressive enforcement actions against digital assets once Paul Atkins is confirmed as the new SEC Chair.
Featured image from Kevin Lamarque – Pool/Getty Images)/Rolling Stone, chart from TradingView
