Cardano Founder Charles Hoskinson Enthusiastic About DOGE Investigation into SEC

In a tweet on Monday, the Department of Government Efficiency (DOGE), led by Elon Musk, announced an investigation into the SEC to uncover potential waste, fraud, and abuse within the agency.

This initiative follows DOGE’s establishment of multiple X accounts for federal agencies, including the SEC and the IRS.

Notably, DOGE’s SEC-focused account called for public assistance to expose misconduct within the agency, particularly related to waste, abuse, and fraud, encouraging the public to send direct messages to aid the investigation.

Cardano Founder Excited

The DOGE investigation into the SEC has captured significant attention in the crypto community, eliciting reactions from prominent figures like Cardano founder Charles Hoskinson.

In response, Hoskinson shared a GIF of an excited man with the caption ‘so happy,’ indicating his approval of the U.S. government auditing the SEC to address issues of waste, fraud, and abuse within the securities agency.

Hoskinson’s enthusiasm resonates with a broader sentiment in the crypto community, which stems from the SEC’s aggressive regulatory approach towards the industry, particularly through enforcement actions in recent years.

Although Hoskinson and the Cardano team have not been directly charged with securities law violations by the SEC, the agency has classified ADA as a security in various litigations against exchanges like Coinbase and Binance.

Coinbase and Ripple CLO React

In addition to Hoskinson, other leading crypto executives, including Coinbase CLO Paul Grewal and Ripple CLO Stuart Alderoty, also commented on the SEC’s audit.

Grewal suggested a new rule requiring the SEC to cover legal costs for defendants who win cases against the agency as a fix for fraud, waste, and abuse.

Alderoty hinted at having potential evidence of SEC misconduct by stating, “I have the receipts.”

Both Coinbase and Ripple are currently involved in separate lawsuits against the SEC, with the Coinbase case still in district court and the Ripple case under appeal.

Grewal and Alderoty have both criticized the SEC’s regulatory and litigation strategies, arguing they stifle innovation in the U.S.

However, new SEC leadership is making strides to address these concerns, aiming for transparent and fair regulation through its crypto task force.