- Elon Musk’s Department of Government Efficiency is targeting the SEC to investigate potential fraud and wasted spending from the regulatory body.
- DOGE used Twitter to ask followers to DM instances of ‘waste, fraud and abuse’ relating to the SEC.
- So far, suggestions have been mostly focussed on the digital assets industry, although some have requested the agency ban popular financial products like short selling.
The Department of Government Efficiency (DOGE) has its sights squarely on the Securities and Exchange Commission (SEC).
The Musk-led body intends to pull back government spending and improve the balance sheet for Trump’s administration.
So far, the team has tried to accomplish this by cutting certain positions and investigating fraudulent spending within the US Government.
The ultimate goal is to save the nation US $2 trillion (AU $3.15 trillion).
And now, DOGE is canvassing the public…via social media…to uncover instances of abuse coming from the SEC.
Related: West Virginia Eyes Crypto for Inflation Protection: New Bill Proposes Strategic Diversification into Digital Assets
Musk and DOGE Look to Twitter For Examples of SEC Fraud
The SEC has been a controversial figure among the crypto community for the last few years. Gary Gensler and co led a ‘regulation by enforcement’ strategy that saw lawsuits land at the feet of several prominent crypto exchanges and projects.
The financial regulators have a different makeup now under Trump, with many suggesting they will be much more progressive on matters relating to digital currencies.
Nevertheless, Musk and the rest of his team seem to think the SEC may be prone to unnecessary spending, waste, fraud and abuse.
To find out more, the DOGE_SEC Twitter / X account posted overnight asking followers for direct messages demonstrating instances of SEC malpractice.
Taking to Twitter for serious discourse is a dicey proposition, but DOGE will be hoping to find some juicy evidence among the inevitable mass of memes headed into its inbox over the next week or so.
Free Richard Heart, the SEC Tanked Cardano, Pay for our Legal Fees: Early Suggestions Come Pouring In
The DOGE post caused quite the stir among the community, as you’d expect.
So far, most of the public replies have been almost entirely crypto-related, accusing the SEC of deliberately tanking the digital assets market with their heavy-handed actions.
Richard Heart, who was recently listed as an international fugitive and charged by the SEC, has also been a topic of conversation.
Perhaps the most compelling comment came from Coinbase’s Chief Legal Officer and crypto-friendly lawyer, Paul Grewal. He suggested that the SEC covers the legal costs of any case they lose, in the hope this ensures the regulators only target obvious cases of fraud and financial malpractice.
The team is also researching the practicality of using blockchain for payments across the government.
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