The crypto community is abuzz as XRP supporters celebrate a potential new ally in their ongoing battle with the U.S. Securities and Exchange Commission (SEC). This excitement follows news that the Department of Government Efficiency (D.O.G.E), spearheaded by Elon Musk, is focusing its efforts on the regulatory body.
D.O.G.E Seeks Public Insights
On Monday, a newly established X account associated with D.O.G.E reached out to the public, stating, “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 call for assistance has ignited speculation among XRP holders, who are hopeful that public pressure or findings from this initiative could expose potential conflicts of interest or misconduct within the SEC. Such revelations might weaken the SEC’s ongoing appeal against Ripple, potentially leading to a bullish impact on XRP prices.
Background on the Ripple Case
The SEC has long maintained that Ripple Labs sold XRP in an unregistered securities offering, a claim that has become a focal point in a closely watched court case initiated in 2020. In a significant turn of events, Ripple emerged victorious in 2024, but the appeal process is still underway, leaving the case officially unresolved—for now.
Understanding D.O.G.E’s Mission
D.O.G.E. is a temporary non-governmental agency created by Elon Musk with the mission of streamlining regulations, eliminating wasteful spending, and restructuring federal agencies. The agency draws its name from Dogecoin (DOGE), a humorous cryptocurrency that Musk has promoted over the years.
A Shift in Regulatory Climate
The SEC has gained notoriety in the cryptocurrency world for its stringent approach towards local crypto firms and token issuers, especially during the Biden administration. However, with Donald Trump’s crypto-friendly stance taking shape since his inauguration on January 20, there are indications that the regulatory climate may be changing.
Current Market Trends
In the midst of this evolving narrative, XRP has experienced a slight decline, down 1.4% in the past 24 hours. This performance is notably better than Bitcoin (BTC), which has seen a 2% drop, and the broader market, represented by the CoinDesk 20 index, which fell by 2.5%. As developments unfold, many in the crypto space will be watching closely to see how these dynamics impact XRP’s future.
