Cardano, Ripple, Coinbase React as DOGE investigate SEC
Crypto executives responded to the DOGE audit of the SEC including Coinbase CLO Paul Grewal and Ripple CLO Stuart Alderoty.
Grewal notably offered a tip on how the government can address SEC fraud, waste, and abuse.
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He believes a new rule should mandate that the SEC pay the legal fees and costs of defendants who win a case against the agency.
Alderoty, meanwhile, said, “I have the receipts,” implying that he has proof that might point to the SEC’s wrongdoing. Coinbase and Ripple are involved in separate lawsuits against the SEC, which is worth mentioning.
The Ripple case is being appealed, but the Coinbase lawsuit is still pending in a district court. Alderoty and Grewal have been outspoken opponents of the SEC’s litigation strategy and regulatory approach, arguing that it stifles American innovation.
Charles Hoskinson, the founder of Cardano, is excited following the Department of Government Efficiency’s (DOGE) investigation into the SEC.
The Department of Government Efficiency, led by Elon Musk, hinted in a tweet on Monday that it was looking into the SEC to possibly uncover fraud, waste, and abuse within the securities organization.
The action comes after DOGE established several X accounts for federal agencies, such as the IRS and the SEC.
The DOGE account, which was primarily focused on the SEC, notably requested public support in exposing agency misconduct, especially fraud, abuse, and waste. It requests the public send direct messages to support the current inquiry.
Top stakeholders like Hoskinson have responded to the DOGE investigation into the SEC, which attracted attention in the crypto community. In response, the founder of Cardano posted a GIF of a happy man with the words “so happy.”.
Nonetheless, some of these issues are being addressed by the recently appointed SEC leadership. Through its crypto task force, it is also working to create fair and transparent regulations for the sector.
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