- Cardano founder Charles Hoskinson expressed excitement after the Department of Government Efficiency, led by Elon Musk, announced an investigation into the SEC.
- The investigation, prompted by a DOGE account calling for public input on waste, fraud, and abuse, follows DOGE’s creation of multiple X accounts for federal agencies.
- Top crypto figures, including Coinbase CLO Paul Grewal and Ripple CLO Stuart Alderoty, also weighed in on the move.
Cardano founder Charles Hoskinson showed his enthusiasm after the Department of Government Efficiency (DOGE) announced it was investigating the SEC to uncover waste, fraud, and abuse within the agency.
Spearheaded by Elon Musk, the investigation follows DOGE’s recent creation of multiple X accounts for federal agencies such as the SEC and the IRS. One of these accounts specifically called on the public to send direct messages detailing any misconduct at the SEC, aiming to assist the probe.
DOGE Investigates the SEC, Sparking Community Excitement
The news of DOGE launching an investigation into the SEC has resonated across the crypto community. In response, Hoskinson shared an animated GIF of an excited man with the caption “so happy,” signaling his approval of the government’s effort to audit the SEC and address issues of waste, fraud, and abuse.
His reaction reflects a broader sentiment among crypto enthusiasts, who have long criticized the SEC for its aggressive stance on the industry—especially during the previous administration’s heavy-handed enforcement actions.
Although the SEC has not charged Hoskinson or the Cardano team with any securities law violations, it has in various cases classified ADA as a security in disputes involving exchanges like Coinbase and Binance.
Other prominent voices in the crypto space have also responded to the SEC investigation. Coinbase CLO Paul Grewal suggested that a new rule should require the SEC to cover attorney fees and legal costs for defendants who win against the agency, a move that could help curb fraud and abuse.
Ripple CLO Stuart Alderoty added his own commentary with a pointed “I have the receipts,” implying he possesses evidence of the SEC’s misconduct. Both Grewal and Alderoty have been vocal critics of the SEC’s regulatory approach, arguing that its tactics stifle innovation in the United States.
Meanwhile, Coinbase and Ripple continue to face their own legal battles with the SEC, with Coinbase’s case in district court and Ripple’s case under appeal. Despite these challenges, the new SEC leadership is making efforts to create a more transparent and fair regulatory environment through its crypto task force.
