Musk’s DOGE Task Force Targets SEC, XRP Community Watches Closely
Crypto market observers speculate that increased scrutiny on the U.S. Securities and Exchange Commission (SEC) could have bullish implications for digital assets previously targeted by the regulator.
XRP supporters are closely following developments after Elon Musk’s Department of Government Efficiency (DOGE) appeared to set its sights on the SEC.
“DOGE is requesting public assistance,” a newly created X account linked to the initiative announced on Monday. “If you have any information on inefficiencies, fraud, or misconduct within the SEC, please send us a direct message.”
The announcement has fueled speculation within the XRP community, with many hoping that public engagement or uncovered irregularities could weaken the SEC’s legal position in its ongoing appeal against Ripple. If the initiative successfully challenges the regulator’s credibility, it could serve as a bullish trigger for XRP.
The SEC first filed a lawsuit against Ripple Labs in 2020, alleging that XRP was sold as an unregistered security. While Ripple secured a significant legal win in 2024, the regulator has appealed, keeping the case unresolved.
DOGE, a temporary agency led by Musk, aims to eliminate bureaucratic inefficiencies, reduce excessive regulations, and restructure federal institutions. The initiative draws inspiration from Dogecoin (DOGE), a memecoin frequently endorsed by Musk.
Under the Biden administration, the SEC was known for its aggressive approach toward crypto enforcement. However, the regulatory landscape is beginning to shift following Donald Trump’s inauguration on January 20.
At the time of writing, XRP is down 1.4% in the past 24 hours, outperforming bitcoin (BTC), which dropped 2%, and the broader crypto market, which declined 2.5%, as measured by the CoinDesk 20 Index.
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