He targeted the Public Efficiency Department (DOGE), led by Elon Musk, the US Securities and Stock Exchange Commission (SEC). Doge collects information from the public to investigate the allegations of “waste, fraud and abuse” in SEC. However, this move can have unexpected consequences for the crypto industry. Because, SEC has recently become an institution that has taken more positive steps towards the crypto sector.
Elon Musk, the leadership of Doge, took the seclus
“Doge is looking for the help of the public to detect and correct waste, fraud and abuse of SEC. You can share your opinions by sending a message to this account ”. This statement indicates that the productivity -oriented operations initiated by Musk in the federal government can also jump to the SEC. Musk had previously carried out major layoffs in various state institutions and these moves were both supported and criticized.
However, Considering that SEC has become an ally for the crypto industry, Dogge’s move can reversed. Former SEC President Gary Gensler’in in office, the institution often clashed with the crypto sector, has recently started to take more constructive steps. The SEC cooperates with the crypto industry, receiving policy proposals, evaluating new ETFs and withdrawing from some cases. This shows that the SEC for the crypto industry is no longer an obstacle, but a potential supporter.
Support from Hester Peirce to SEC
Hester Peirce, known as the SEC commissioner and “crypto mother ,, opposed Dogge’s possible deduction plans. Peirce said in a statement, “There are really great people in SEC and they do very important work. US capital markets are not only large, but also the most important markets in the world. We must provide balance by using our resources correctly ”. According to Peirce, the existence of competent personnel for the implementation of crypto -friendly policies is of great importance.
However, not everyone in the crypto industry does not approach SEC. Paul Grewal, Chairman of Coinbase’s Legal Affairs (CLO), adopted a harder attitude towards SEC. Grewal argued in a sharing on social media, DEGE should be forced to pay the legal expenses of the defendants in failed cases. Such a move can further increase the voltage between the SEC and the crypto industry.
On the other hand, a nostalgia for former SEC President Gary Gensler in the crypto community began to form. It was remembered that Gensler had an active struggle against crypto frauds during his duty. Therefore, there are those who think that SEC is an institution that needs to be defended.
