Elon Musk's D.O.G.E Targets SEC, XRP Holders Hopeful

XRP in Focus as Elon Musk's D.O.G.E Sets Eyes on SEC

XRP holders are abuzz with speculation following the emergence of a new X account, which appears to be linked to Elon Musk's Department of Government Efficiency (D.O.G.E). The account has called for public assistance in uncovering waste, fraud, and abuse within the U.S. Securities and Exchange Commission (SEC).

D.O.G.E, a temporary non-governmental agency headed by Musk, has been established to streamline regulations, cut wasteful expenditures, and restructure federal agencies. The agency is themed after dogecoin (DOGE), a memecoin project that Musk has long championed.

The SEC has been known for its stringent stance on local crypto companies and token issuers under the Biden administration. However, this stance has begun to shift with the inauguration of the crypto-friendly Donald Trump on January 20.

The new X account's call for public assistance has sparked optimism among XRP holders, who believe that public pressure or findings from the initiative could reveal conflicts of interest or misconduct within the SEC. This, in turn, could weaken the SEC's position in its ongoing appeal against Ripple, potentially boosting XRP prices.

The SEC initially alleged in 2020 that Ripple Labs sold XRP in an unregistered securities offering. However, the case was resolved in Ripple's favor in 2024. Despite this, an appeal period is still ongoing, keeping the case alive.

XRP prices have been relatively stable, with a 1.4% decline in the past 24 hours, outperforming a 2% slide in bitcoin (BTC) and a 2.5% drop in the broader market tracked by the CoinDesk 20 index.