In a latest development, Elon Musk’s DOGE has announced audit into the SEC for fraud, abuse and waste. The cryptocurrency community is closely watching this development, particularly as the SEC’s lawsuit against Ripple is nearing its conclusion.
The DOGE_SEC account has urged the public to share information about the SEC’s actions. “DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud, and abuse,” the account posted.
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 (@DOGE_SEC) February 17, 2025
This move has sparked heated debates among legal and financial experts. In reaction to this, Coinbase’s Chief Legal Officer, Paul Grewal, suggested a rule that would make the SEC cover legal fees for defendants who win challenges against its lawsuits. Other voices from the crypto community have also raised concerns about the SEC’s actions, especially over its ongoing litigation with Ripple.
Here’s one: adopt a rule that defendants who defeat @SECGov lawsuits get all their attorney fees and costs from the Commission budget. https://t.co/ormabnUaaI
— paulgrewal.eth (@iampaulgrewal) February 17, 2025
Besides, Ripple’s CLO, Stuart Alderoty, responed to SEC’s ongoing scrutiny, saying, “I have the receipts,” suggesting that crucial documents tied to the case could soon be made public. However, it remains to be seen if this could bring a swift end to the Ripple vs. SEC case.
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