DOGE Launches SEC Account to Tackle Waste, Fraud, and Abuse in the SEC

DOGE announced two separate actions aimed at holding federal agencies accountable on February 17.

In one development, the agency launched a public oversight account on X, urging citizens to report alleged instances of waste, fraud, and abuse in the U.S. Securities and Exchange Commission (SEC) amid its lawsuit with Ripple.

Separately, the agency has also filed a request to access a classified IRS system, a step it believes could reveal longstanding inefficiencies in government operations.

DOGE Initiates Oversight of the SEC

The initiative operates through the @DOGE_SEC account on X (formerly Twitter) and invites the public to submit information about SEC actions.

The account’s first public statement asked for community participation:

“DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud, and abuse.”

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.

— DOGE SEC (@DOGE_SEC) February 17, 2025

According to the DOGE, this new initiative seeks to increase transparency and accountability within the SEC. Inefficiencies and questionable practices have allegedly hindered the proper oversight of digital assets and suppressed blockchain innovations.

This action occurs during increasing tensions between cryptocurrency firms and regulators, as many industry participants argue that the SEC’s approach to digital assets has lacked consistency.

The DOGE initiative adds to the scrutiny by making itself an independent monitor of the SEC’s actions, with the goal of more efficient and fair operations within the regulatory agency.

SEC vs. Ripple: Could DOGE’s Initiative Affect Crypto Regulation?

Some view DOGE’s actions as a move toward greater oversight of the SEC. In contrast, others doubt whether a decentralized crypto community has sufficient influence or resources to affect a government agency.

Despite the skepticism, DOGE’s initiative has gained traction on social media, with many in the crypto space rallying behind the idea of holding regulators accountable.

As the SEC’s lawsuit against Ripple nears its conclusion, discussions around regulatory oversight have intensified. The case, which began in 2020, has become a focal point in the broader debate over crypto regulation.

In response to the SEC’s aggressive legal actions, Coinbase Chief Legal Officer Paul Grewal proposed a rule requiring the agency to reimburse legal fees for defendants who successfully challenge its lawsuits.

Here's one: adopt a rule that defendants who defeat @SECGov lawsuits get all their attorney fees and costs from the Commission budget. https://t.co/ormabnUaaI

— paulgrewal.eth (@iampaulgrewal) February 17, 2025

Stuart Alderoty, Ripple’s Chief Legal Officer, has alluded to a major development in the case by stating, “I have the receipts,” suggesting that key documents may soon be revealed.

DOGE Continues Regulatory Oversight, Now Eyeing IRS

In other DOGE-related news, reports indicate that the Internal Revenue Service (IRS) is reviewing a request from Elon Musk’s DOGE team for access to a classified system containing U.S. taxpayer financial records.

If approved, this request would grant DOGE officials access to sensitive IRS data, including tax returns and banking information.

Harrison Fields, a White House spokesperson, stated that “access to the system is needed to identify and fix” the “waste, fraud, and abuse” that “have been deeply entrenched in our broken system.”

He added that Musk’s program intends to expose financial inefficiencies in government agencies, claiming taxpayers deserve transparency regarding how their money is managed.

Looking ahead, DOGE’s scrutiny of the SEC highlights the broader push for accountability in crypto regulation.

While the outcomes remain uncertain, the potential for new evidence and dialogue may shape future policy and industry practices.