The Department of Government Efficiency (DOGE), an initiative associated with cost-cutting efforts under the Trump administration, is set to conduct a probe on the U.S. Securities and Exchange Commission (SEC). This comes as Elon Musk remains entangled in a legal battle with the SEC over allegations related to his acquisition of Twitter stock in 2022. The initiative aims to identify waste, fraud, and abuse in federal agencies. DOGE has expanded its oversight efforts and launched a public oversight account, encouraging citizens to report instances of inefficiencies within the SEC. Critics have expressed concerns about potential conflicts of interest due to Musk's history with the SEC. DOGE has also requested access to a classified IRS system to review U.S. taxpayer financial records, raising security concerns. Some lawmakers caution against granting access, fearing the compromise of sensitive financial data. The SEC has not issued any public comment on the matter. This development highlights ongoing tensions between cryptocurrency firms and regulators and raises questions about data security, regulatory independence, and conflicts of interest within the SEC.



Other News from Today