Elon Musk’s D.O.G.E Targets the SEC: A New Hope for XRP Holders
Cult followers of XRP and various other cryptocurrencies are in high spirits following the recent developments involving the Department of Government Efficiency (D.O.G.E), which is backed by none other than Elon Musk. On Monday, a newly established account on X (formerly Twitter) announced that D.O.G.E is actively seeking assistance from the public in its mission to investigate the U.S. Securities and Exchange Commission (SEC).
“DOGE is seeking help from the public,” the account stated late Monday. “Please DM this account with insights on finding and fixing waste, fraud, and abuse relating to the Securities and Exchange Commission.” [Source]
This call to action has ignited speculation among XRP enthusiasts, who believe that public scrutiny or insights from this initiative could potentially expose conflicts of interest or misconduct within the SEC. Such revelations may undermine the SEC’s ongoing appeal against Ripple Labs, thereby creating a more favorable environment for XRP’s price to surge.
The SEC initially alleged that Ripple Labs conducted an unregistered securities offering by selling XRP, leading to a high-profile court case that began in 2020. This case was resolved in Ripple’s favor in 2024, although the appeal period remains in effect, leaving the matter technically unresolved on paper.
D.O.G.E. is described as a temporary non-governmental agency, spearheaded by Musk, with the aim of eliminating unnecessary regulations, curbing wasteful spending, and restructuring federal agencies. The initiative takes its name from dogecoin (DOGE), a popular memecoin that Musk has frequently championed over the past few years.
The SEC has gained notoriety within crypto circles for its stringent regulatory stance against local cryptocurrency companies and token issuers under the Biden administration. However, this approach appears to be shifting with the return of a more crypto-friendly landscape under the leadership of Donald Trump, who took office on January 20.
Currently, XRP prices have seen a decline of 1.4% in the past 24 hours, outpacing a 2% drop in Bitcoin (BTC) and a 2.5% decrease in the broader market, as tracked by the CoinDesk 20 index.
