Musk’s DOGE Initiative Sparks Hope Among XRP Holders Amid SEC Scrutiny
Market analysts suggest that increased scrutiny of the U.S. Securities and Exchange Commission (SEC) could prove bullish for tokens previously targeted by the agency.
Supporters of XRP and other cryptocurrencies are rallying behind the Elon Musk-led Department of Government Efficiency (DOGE), which appears to be taking aim at the SEC.
“DOGE is calling on the public,” a newly launched X account associated with the initiative posted on Monday. “If you have insights on waste, fraud, or abuse within the Securities and Exchange Commission, please DM this account.”
This announcement has fueled speculation among XRP investors, who believe the initiative could uncover conflicts of interest or misconduct within the SEC—potentially weakening its case in the ongoing appeal against Ripple. Any revelations that cast doubt on the SEC’s authority could provide a bullish catalyst for XRP and influence how future crypto cases are handled.
The SEC initially sued Ripple Labs in 2020, alleging that the company conducted an unregistered securities offering with XRP. Although Ripple secured a legal victory in 2024, the SEC has filed an appeal, leaving the case technically unresolved.
DOGE, a temporary non-governmental agency helmed by Musk, is focused on cutting excessive regulations, eliminating wasteful spending, and restructuring federal institutions. The agency is playfully named after Dogecoin (DOGE), a memecoin frequently championed by Musk.
Under the Biden administration, the SEC maintained a hardline stance against crypto firms and token issuers, but this position has begun to shift following Donald Trump’s inauguration on January 20.
At the time of writing, XRP is down 1.4% over the past 24 hours, outperforming bitcoin (BTC), which slipped 2%, and the broader market, which declined 2.5%, as measured by the CoinDesk 20 Index.
