Ripple’s CLO Calls for SEC Spending Inquiry; Tim Draper Commends Musk’s Leadership in DOGE

The post Ripple’s CLO Calls for SEC Spending Inquiry; Tim Draper Commends Musk’s Leadership in DOGE appeared first on Coinpedia Fintech News

In a latest X post, Ripple’s CLO, Stuart Alderoty, has urged the newly established Department of Government Efficiency (D.O.G.E) to probe the US SEC spending. 

Stuart recently posted an image of SEC chair Gary Gensler with the caption “Inquiry into Wasted Tax Dollars.” He criticized the SEC for misusing taxpayer funds to enforce its actions and asked the D.O.G.E. to inquire into the estimate of taxpayer money wasted on the SEC’s initiatives. 

Alderoty shared an image of SEC Chairman Gary Gensler labeled with “Fraud and Deception in AI,” critiquing the SEC for what he perceives as misuse of taxpayer money, particularly on enforcement actions. This critique is part of a broader narrative where Alderoty has expressed dissatisfaction with the SEC’s regulatory approach towards cryptocurrencies.

The dig at the SEC is primarily because of Gensler’s hostile approach toward the crypto industry. In a previous post, he also shared the SEC’s negative impact on the crypto industry in the last four years. Speculations are going on Gary Gensler’s potential exit as soon as this year.

Tim Draper Praises Musk’s Leadership and Vision for DOGE

Notably, Tim Draper, an American Venture Capital Investor in conversation with Money Control shared his view on Elon Musk and DOGE. When he was asked about what were his thoughts on Elon Musk taking over as the co-head of DOGE, he expressed that this was brilliant and cited the example of X. He noted that Musk downsized Twitter by 75 percent and the service has now improved and grown. 

“Elon is a gift from the gods. Elon’s extraordinary. I think the idea of a government efficiency expert is really great, because if they cut one government job, that will create three jobs in the private sector,” he stated. 

Bullish Bet On Bitcoin

Furthermore, the prominent investor also shared that he is currently bullish on  Bitcoin and everything around it. He believes that Bitcoin is going to be the currency of the future, but he could not exactly predict when that is going to happen. He also remarked that there’s no reason Bitcoin doesn’t go up about 30 times from here.

“But there’s a gravitation toward Bitcoin. I would buy it at these levels because Bitcoin’s worth $2 trillion or something. But the global currency economy is $100 plus trillion. So there’s no reason Bitcoin doesn’t go up about 30 times from here.”