Investors have shifted focus on Elon Musk’s D.O.G.E. (Department of Government Efficiency), which has also sparked discussions in the crypto market. In a recent X post, Ripple CLO Stuart Alderoty urged the department to probe the US SEC spending, sparking discussions in the broader digital assets space. Besides, this also comes as optimism hovers in the market after Donald Trump’s election win and his appointment of Musk and Vivek Ramaswamy to lead D.O.G.E.
Ripple CLO Urges Elon Musk’s D.O.G.E. To Probe US SEC
Ripple’s CLO Stuart Alderoty recently addressed Elon Musk’s D.O.G.E. with a request to review the U.S. SEC’s spending practices. For context, in a post on X, Alderoty shared an image of SEC Chair Gary Gensler with a caption referencing “fraud and deception in AI.”
He criticized the agency for misusing taxpayer funds on its enforcement actions. Alderoty directly asked D.O.G.E. to estimate how much public money had been wasted on what he referred to as unnecessary initiatives.
Notably, this criticism comes amid growing discontent over SEC Chair Gary Gensler’s approach to crypto regulation. For context, in another recent X post, Ripple CLO compared Gensler’s crackdown on cryptocurrencies to “burning down the house” and blaming the earlier executives.
Meanwhile, this statement was a jab at Gensler’s recent speech, where he argued that his crypto lawsuits were continuing efforts started under former SEC Chair Jay Clayton. Besides, it also comes amid growing speculations over US SEC Chair Gary Gensler’s potential exit as soon as this year.
D.O.G.E. Sparks Market Optimism
Elon Musk has been vocal about simplifying government spending through D.O.G.E., a move that aligns with his reputation for disrupting traditional systems. Besides, in a recent X post, D.O.G.E. highlighted the inefficiencies in U.S. tax codes, pointing out their dramatic growth from 1.5 million words in 1955 to over 16 million today.
The department emphasized that this complexity burdens Americans with billions of hours spent on tax preparation annually. Notably, the mention of D.O.G.E. has also impacted the crypto market.
Dogecoin (DOGE), whose ticker symbol mirrors the department’s acronym, saw a price rally following Musk’s comments. Musk’s post that “D.O.G.E. has real potential” ignited enthusiasm, reflecting the crypto community’s hope for regulatory reforms that benefit the sector.
As Musk leads D.O.G.E., the Ripple CLO’s call for accountability adds another layer to the conversation. Whether Musk responds to Alderoty’s request remains uncertain, but the collaboration could mark a turning point in how government spending impacts the crypto industry.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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