Elon Musk's Dogecoin Launches SEC Probe Amid Ripple Lawsuit

Elon Musk's Dogecoin (DOGE) has launched an investigation into the U.S. Securities and Exchange Commission (SEC), coinciding with the nearing conclusion of the SEC's lawsuit against Ripple. The newly created @DOGE_SEC account on X aims to identify and address allegations of waste, fraud, and abuse within the regulatory agency.

The DOGE_SEC account has called on the public to provide information regarding the SEC's actions. "DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud, and abuse," the account posted. This move has sparked discussions among legal and financial experts. Coinbase Chief Legal Officer Paul Grewal responded by suggesting a rule that would require the SEC to cover legal fees for defendants who successfully challenge the agency's lawsuits. Other members of the cryptocurrency community have also voiced concerns about the SEC's handling of certain cases, particularly its litigation against Ripple.

The SEC's lawsuit against Ripple, which began in 2020, is additionally reaching its final stages. Ripple's Chief Legal Officer, Stuart Alderoty, responded to the ongoing scrutiny of the SEC by stating, "I have the receipts," implying that key documents related to the case may soon be revealed.