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.
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