The Elon Musk-led US Department of Government Efficiency (DOGE) has recently announced its plans to conduct a thorough investigation into the Securities and Exchange Commission (SEC) in an effort to reduce government wastage of funds. This move has sparked speculation among analysts about the potential impact on the ongoing lawsuit faced by crypto firm Ripple, with some suggesting that the SEC may withdraw the case against the firm.
The official DOGE-SEC account on X took to social media to call for public assistance in reporting any possible wrongdoing by the regulatory body. The post received significant attention, with over 8,000 replies from individuals eager to share their insights on finding and fixing waste, fraud, and abuse related to the SEC.
In response to the DOGE’s scrutiny of the SEC, members of the cryptocurrency community have been urging the regulatory body to drop, pause, or review the various lawsuits filed against crypto players such as Coinbase, Binance, Ripple, and Helium. Paul Grewal, the Chief Legal Officer of Coinbase, even went as far as suggesting that the SEC should cover the legal costs and fees of defendants if the agency were to lose a lawsuit.
Many in the crypto community are also calling for the dismissal of the case against Richard Heart, founder of PulseChain, Hex, and PulseX, as well as a probe into how the SEC handled the ETH Gate controversy and the case against Ripple. Accusations of political favoritism against former SEC head Gary Gensler have further fueled demands for a review of past decisions.
With a new SEC head and the ongoing DOGE_SEC probe, there is growing optimism within the crypto community that the Ripple lawsuit could be dropped in the coming months. The appointment of Mark Uyeda as Acting Chair and Commissioner Hester Peirce leading the Crypto Task Force are seen as positive developments that could lead to a more favorable outcome for crypto players facing SEC lawsuits.
Analysts believe that the Crypto Task Force, under the leadership of Commissioner Peirce, will play a crucial role in resolving non-fraud-related crypto cases. Additionally, the confirmation of Paul Atkins as the new SEC Chair is expected to signal a shift away from the agency’s current aggressive enforcement actions against digital assets.
Overall, the investigation by DOGE into the SEC and the potential changes in leadership within the regulatory body have raised hopes for a more balanced and fair approach to regulating the crypto industry. As the crypto community awaits further developments, the outcome of the Ripple lawsuit and other SEC cases against crypto players remains uncertain.