Musk’s war on the SEC has officially gone nuclear. The billionaire, along with co-manager Vivek Ramaswamy, launched the DOGE investigation into the SEC for potential fraud, abuse, and waste. Not subtle. The timing couldn’t be more dramatic—right as the SEC’s lawsuit against Ripple nears its conclusion.
Bitcoin crashed below $84,000, down 5.5% from its weekly high. Altcoins got hammered even worse. Polygon, JasmyCoin, Bonk, and Injective all plunged over 10%. Ouch. All this while inflation numbers from February looked grim. Talk about a perfect storm.
Markets tanking as Bitcoin dives under $84K and altcoins take an absolute beating amid gloomy inflation data.
The irony is thick. Musk, previously hit with a $20 million SEC fine over Tesla tweets, now leads an initiative that has 500 SEC workers accepting buyouts. He’s called the SEC a “weaponized institution doing political dirty work.” Guess he’s getting his revenge.
DOGE’s impact extends beyond the SEC. They’re knocking on doors at the IRS, seeking access to sensitive data systems. NASA’s under a “deep-dive audit.” Even the nuclear arsenal team has taken hits—hundreds of experts fired, creating rehiring nightmares.
But hey, they claim to have saved taxpayers over $130 billion. Worth it?
The Trump administration seems to be pivoting toward crypto-friendly policies. Paul Atkins faced Congressional grilling for the potential SEC Chair position. The agency’s apparently ending its lawfare against companies like Coinbase and Uniswap. Spot crypto ETF filings are under review.
Not everyone’s thrilled. Democrats and some Republicans worry about DOGE’s aggressive cuts creating a “deflationary shock.” Bond yields are rising. Businesses face potential liquidity crunches. Consumer spending could tank if entitlement programs get slashed.
The market’s reaction says it all—panic mode activated. As DOGE arrived at the SEC doorstep, crypto markets tumbled. Investors are fleeing to fiat-backed stablecoins during this period of extreme volatility. The DOGE_SEC account has encouraged the public to share insights on the SEC’s enforcement actions, creating an unprecedented level of community scrutiny. The account made its first tweet on President’s Day, seeking whistleblowers and information from the public. Coinbase’s CLO is even suggesting the SEC cover legal fees for successful defendants. Revolutionary idea or desperate move? Either way, crypto regulation will never be the same.
