According to CoinDesk, the Department of Government Efficiency (D.O.G.E), led by Elon Musk, has turned its attention to the U.S. Securities and Exchange Commission (SEC), sparking interest among XRP enthusiasts. On Monday, a newly created account associated with D.O.G.E. on social media platform X called for public assistance in identifying and addressing waste, fraud, and abuse related to the SEC. This move has fueled speculation among XRP holders, who hope that public involvement or findings from this initiative might uncover potential conflicts of interest or misconduct within the SEC. Such revelations could potentially weaken the SEC's position in its ongoing appeal against Ripple, which could positively impact XRP prices if developments are seen as favorable for the token or influence the SEC's approach to cryptocurrency cases.
The SEC's legal battle with Ripple Labs began in 2020 when the commission accused Ripple of conducting an unregistered securities offering with its XRP token. The case concluded in Ripple's favor in 2024, but the appeal process is still underway, leaving the case unresolved. D.O.G.E., a temporary non-governmental agency, was established by Musk to reduce excessive regulations, eliminate wasteful spending, and restructure federal agencies. The agency draws its theme from dogecoin (DOGE), a memecoin that Musk has frequently promoted in recent years.
Under the previous Biden administration, the SEC was known for its stringent stance on local cryptocurrency companies and token issuers. However, this approach has begun to shift since U.S. President Donald Trump took office on January 20, 2025, who is perceived as more crypto-friendly. Despite the ongoing developments, XRP prices have decreased by 1.4% over the past 24 hours, outperforming a 2% decline in bitcoin (BTC) and a 2.5% drop in the broader market as tracked by the CoinDesk 20 index.
