The Department of Government Efficiency decided to take action against the misconduct & unethical practices happening by the US Securities regulatory body SEC.
Summary
- The DOGE agency starts targeting the US SEC body.
- Potential plans for this target have been undisclosed.
- The DOGE agency publicly asked about the misconduct & fraud that they faced because of the SEC body.
SEC Body & Crypto Regulation
The United States Securities and Exchange Commission (SEC) is the top financial regulatory body. The majority of the financial market regulatory control has been under the hands of this agency. Over the past 5 years, the SEC body tried its best to regulate the crypto sector under traditional Securities laws & also tried to bring all the cryptocurrencies under the securities asset class using the Howey Test. In particular, former SEC chairman Gary Gensler tried to force all the crypto companies to comply with the Securities Act, but it was not possible for any company, so the majority of the crypto companies sued by this regulatory body. The majority of the cases are pending, but a few small crypto companies blindly admitted their mistakes & paid high penalties.
DOGE Agency Targets SEC
As per reports, Elon Musk’s Department of Government Efficiency (DOGE) is now actively investigating the US SEC agency to unearth reports on waste, fraud, and inefficiency.
Also, the DOGE agency asked the public to provide information related to any fraud or misconduct that happened with them with the SEC body via directly sending a direct personal message.
Debate Among the Crypto Enthusiasts
Following this development, many crypto enthusiasts raised concerns with different kinds of opinions. On one side, some people opposed this idea by saying that it may hurt the crypto sector because the SEC leadership is now favouring the crypto space with dedicated rules & laws, other hand some crypto enthusiasts said that the SEC body harmed the crypto space badly & here it’s necessary to unearth the real culprit who misused their power against the crypto sector.
In particular, Coinbase chief legal officer Paul Grewal shared his suggestion in this development and urged the creation of a rule to financially compensate the defendants who defeated the SEC body in a legal dispute.
DOGE Agency’s Possible Action Against the SEC Agency
However, it is unconfirmed what type of action will be taken by the DOGE agency against the SEC body, but some people speculated that there are chances that they will slash the agency’s annual budget & also reduce the working employees.
Reportedly ProCrypto SEC commissioner Hester Pierce, popularly known as “Crypto Mom”, said that the SEC body leading the Crypto Task Force has been vocal against SEC downsizing. She emphasized the importance of retaining skilled personnel to enact policies that benefit crypto markets.
She also reportedly added that the US financial market is not only big but also very significant for the whole world, so it requires perfect balance with proper resources to work efficiently.
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