Key Takeaways
- Ripple, Coinbase, Binance, and other crypto lawsuits could be dropped or paused following the DOGE investigation into the SEC.
- DOGE has uncovered almost $50 billion of “government waste”out of a $2 trillion target.
- The SEC has put a 60-day pause on its litigation against Binance, and others may soon follow.
Ongoing lawsuits and courtroom battles between crypto and the U.S. Securities and Exchange Commission (SEC) could soon be upended as the U.S. Department of Government Efficiency (DOGE), spearheaded by Elon Musk, prepares to probe the regulatory body.
DOGE at the SEC
As per a post from an official DOGE SEC account on X, Musk’s task force is seeking public input on the SEC as part of its modus operandi to cut spending and unearth financial fraud and abuse in the U.S. government.
The post has received thousands of replies.
Now, with sights set on the SEC, responses from the crypto community and major industry players suggest that many are calling for the agency to drop, pause, or at least review its many lawsuits and cases against the likes of Ripple (XRP), Binance, Coinbase, Helium, and others.
Notably, Coinbase’s Chief Legal Officer, Paul Grewal, suggested that the SEC should cover the legal costs and fees of defendants should the agency lose a lawsuit. This is understandable, given the years of legal back-and-forth between the exchange and the SEC.
Interestingly, an overwhelming number of people have responded by calling for Richard Heart, founder of PulseChain, Hex (HEX), and PulseX (PSLX), to have his case dismissed.
This despite Heart being on the run from Finnish and U.S. authorities with an Interpol red notice against his name.
DOGE Progress?
The DOGE team is on a mission to uncover roughly $3 trillion of what it deems as wasted taxpayer dollars.
Crypto betting platform Polymarket has launched a site that tracks every cent discovered by the initiative.
The site reveals that DOGE has uncovered $49.09 billion of “government waste” so far.
Presumably, it will begin investigating the SEC’s finances, expenses, and potential misdeeds against crypto and beyond.
Presumably, with a pro-crypto team currently in charge of the SEC under interim chief Chair Mark Uyeda, DOGE may have an easier time with its investigation.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
