Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has called on Elon Musk's Department of Government Efficiency (D.O.G.E.) to investigate the U.S. SEC’s spending practices.
Alderoty criticized SEC Chair Gary Gensler for allegedly misusing taxpayer funds on unnecessary enforcement actions, further fueling ongoing debates around regulatory transparency and accountability in the crypto industry.
Memo to: Department of Government Efficiency @DOGE
— Stuart Alderoty (@s_alderoty) November 17, 2024
Subject: Inquiry into Wasted Tax Dollars
Could you please provide an estimate of how much taxpayer money has been wasted on these?
Thank you pic.twitter.com/iMVuQI3rjC
In a recent post on X, Alderoty accused the SEC of “fraud and deception in AI” and urged Musk’s D.O.G.E. to estimate the taxpayer money spent on the agency’s crypto enforcement efforts. This comes amid broader dissatisfaction with Gensler’s approach to crypto regulation, which Alderoty likened to “burning down the house.” Speculations about Gensler’s potential resignation have further intensified the scrutiny.
D.O.G.E., under Musk’s leadership, aims to streamline government operations and reduce inefficiencies. Recently, the department highlighted the complexity of U.S. tax codes, which have ballooned to over 16 million words since 1955, burdening Americans with billions of hours spent on tax preparation. Musk’s efforts to simplify governance have sparked optimism in the financial and crypto sectors alike.
The crypto market reacted positively to Musk’s involvement, with Dogecoin (DOGE)—whose ticker symbol mirrors the department’s acronym—experiencing a price rally. Musk’s assertion that “D.O.G.E. has real potential” has fueled enthusiasm among investors, particularly those hoping for regulatory reforms that could benefit the digital asset space.
While Musk has yet to respond to Ripple’s CLO, such collaboration could mark a pivotal shift in how government spending and crypto regulation intersect, potentially shaping the future of the industry.
0 Comments