The financial sector, let alone the crypto market, has buzzed with excitement as Elon Musk’s DOGE announced an audit into the US Securities and Exchange Commission (SEC). Recently, the Department of Government Efficiency (D.O.G.E.) has announced a probe into the US SEC for “waste, fraud, and abuse”, sparking market discussions. Adding to the excitement, XRP lawyer John Deaton has extended his backing for Musk and the department, gaining notable traction from the market participants.
Meanwhile, XRP lawyer John Deaton is a well-known figure in the crypto industry, especially because of his role in the Ripple Vs SEC lawsuit. In addition, he also ran for election to the US Senate (Republican Party) to represent Massachusetts against Elizabeth Warren, whom many deem as an anti-crypto regulator. However, he lost to Warren in the election.
XRP Lawyer John Deaton Joins Forces With Elon Musk’s DOGE
XRP lawyer John Deaton, a well-known figure in the crypto industry, has publicly backed the latest initiative of Elon Musk’s DOGE. Deaton, who played a crucial role in the Ripple Vs SEC lawsuit, has taken to social media to extend his expertise. In a recent X post, Deaton stated:
“Elon Musk & DOGE needs to talk to me and I can show you a few things I’ve learned (and helped expose) the last few years.”
His comment has sparked widespread reactions, with crypto enthusiasts welcoming his involvement in the probe against the SEC. Notably, ex-Ripple executive Sean McBride also lauded the latest move by the XRP attorney, sparking discussions in the market.
XRP Community Lauds As Elon Musk’s DOGE Takes Aim At US SEC
The newly created X account “DOGE SEC” has actively sought public assistance in gathering evidence against the regulatory agency. In an open call, the account posted:
“DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud, and abuse relating to the Securities and Exchange Commission.”
This move has received backing from prominent figures in the industry. Investigative journalist Laura Loomer urged the probe to start with former SEC official Bill Hinman, whose dealings remain under scrutiny. Reacting to that, XRP lawyer Bill Morgan echoed her sentiments, calling it the “perfect place to start.”
Source: Bill Morgan, X
Crypto Community Calls Out SEC’s Actions
The SEC has been under fire for its handling of key cases, including the XRP lawsuit. The agency has reportedly withheld 201 documents related to its communication with JPMorgan about Ripple and XRP. Ripple’s Chief Legal Officer, Stuart Alderoty, previously stated, “I have the receipts,” indicating evidence of possible US SEC misconduct.
This has also sparked discussions if the latest probe could lead to an end in the ongoing Ripple Vs SEC lawsuit. Notably, a top XRP lawyer has recently commented on the potential impact of the Ripple lawsuit on the XRP ETF approval process, which has gained immense attention from market watchers.
Meanwhile, Coinbase’s Chief Legal Officer, Paul Grewal, also weighed in, suggesting that those who successfully defend themselves against SEC lawsuits should be reimbursed for legal fees. Meanwhile, critics have called for a closer look at the “ETH Gate” controversy, which alleges that the SEC gave preferential treatment to Ethereum while targeting other crypto firms.
Having said that, with the DOGE initiative gaining traction and XRP lawyer John Deaton lending his legal expertise, pressure is mounting on the US SEC to address its controversial actions. Whether this probe leads to tangible changes remains to be seen, but it has undoubtedly reignited the crypto community’s call for accountability.
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