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Elon Musk’s Department of Government Efficiency (DOGE) tweeted that it is investigating the U.S. Securities and Exchange Commission (SEC) for potential waste, fraud, and abuse. This investigation comes after DOGE created multiple X accounts for federal agencies, including the SEC and the IRS, in a bid to uncover misconduct within these institutions.
DOGE’s SEC-focused account has sparked considerable attention, particularly as it invited the public to share direct messages detailing any concerns related to the agency’s operations. The call for assistance comes as the department aims to expose any possible wrongdoing and mismanagement within the SEC.
Cardano Founder and Other Crypto Leaders React
The news of DOGE’s investigation has stirred reactions from key figures in the crypto space, including Cardano founder Charles Hoskinson. Hoskinson shared a GIF of an excited man, accompanied by the caption “so happy,” signaling his approval of the government’s audit into the SEC’s practices. His positive response reflects the broader sentiment within the crypto community, which has long been frustrated with the SEC’s aggressive stance toward the industry.
https://t.co/cRvobGtGZL pic.twitter.com/QrfXN7593L
— Charles Hoskinson (@IOHK_Charles) February 17, 2025
While the SEC has not directly charged Hoskinson or Cardano with violations of securities laws, it has labeled Cardano’s ADA token as a security in various legal battles involving exchanges like Coinbase and Binance. This ongoing scrutiny has made many in the crypto space wary of the SEC’s regulatory approach.
Reactions from Coinbase and Ripple Executives
Other crypto industry leaders, such as Coinbase CLO Paul Grewal and Ripple CLO Stuart Alderoty, also weighed in on the investigation. Grewal suggested that the SEC should cover the legal fees of defendants who win cases against the agency, a potential rule change aimed at preventing excessive litigation. Alderoty, meanwhile, boldly claimed, “I have the receipts,” hinting at evidence of SEC misconduct, which could play a role in the ongoing legal battles involving Coinbase and Ripple.
Also Read: Dogecoin (DOGE) Signals Breakout as $18M Outflow Sparks Bullish Momentum
As the U.S. government works to address SEC issues, efforts to establish more transparent and fair crypto regulation are underway, signaling a shift in how the industry may be governed moving forward.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
