Author: 636Marx
Musk's influence spans across various industries, from being the founder of PayPal, to the electric vehicle pioneer, the Mars enthusiast, the Doge whale, and the top Trump supporter, he has now acquired a new title - the Minister of the Department of Government Efficiency (D.O.G.E.). The department aims to simplify government processes, and coincidentally or intentionally, the Department of Government Efficiency shares the same acronym as Doge (DOGE). Of course, Musk does not shy away from promoting both the D.O.G.E. department and Doge (DOGE) in the same context. As Doge (DOGE) follows the D.O.G.E. department back into the spotlight, an obvious question arises: Can Doge (DOGE) see a significant surge under this halo effect? If it does rise, what would be the key price level?
The author discusses the controversies surrounding Doge (DOGE), the potential role of Musk's D.O.G.E. department, and the possibilities of driving Doge (DOGE) towards a critical price level.
Call for SEC Investigation
Ripple's Chief Legal Officer (CLO), Stuart Alderoty, recently urged Musk's D.O.G.E. department to review the SEC's spending behavior. His call stems from the digital currency industry's growing disappointment with the regulator's attitude towards digital assets over the years. Alderoty specifically called out SEC Chairman Gary Gensler, accusing the SEC of wasting taxpayers' money on enforcement actions, the benefits of which are questionable.
The SEC's History of Controversy with Cryptocurrencies
The SEC's contentious relationship with the crypto market began under former Chairman Clayton and has intensified under Gensler's leadership. Particularly, Ripple has been the focus of this tense relationship, embroiled in a lengthy legal battle over whether its XRP token should be considered a security, with the crypto industry's heavyweights generally believing the SEC's enforcement has been overly arbitrary and aggressive.
In an X (Twitter) post, Alderoty compared the SEC's regulatory approach to "burning down the house to kill the mouse." He also questioned whether Gensler's spending is in the public interest and called for the D.O.G.E. department to conduct a detailed audit.
What is the D.O.G.E. Department and Why is it Important?
Musk has positioned the Department of Government Efficiency as the cornerstone of his governance philosophy. Guided by the principle of minimizing waste, the D.O.G.E. department aims to streamline federal operations. The department's agenda includes:
Simplifying the tax code: Highlighting the exponential growth in tax law complexity - from 150,000 words in 1955 to over 16 million today - the D.O.G.E. department advocates for reforms to ease the burden on taxpayers.
Increasing transparency: Musk emphasizes the need for greater accountability in government spending to meet the public's demand for fiscal responsibility. If the D.O.G.E. department turns its attention to the SEC, it could mark a new era of regulatory oversight - not just scrutinizing private actors, but the regulators themselves.
The Meteoric Rise of Doge (DOGE)
As the D.O.G.E. department occupies headlines in the governance realm, its acronymic counterpart, Doge (DOGE), has been making waves in the financial markets, emerging as a significant player in the digital currency space, driven by Musk's frequent endorsements.
Doge (DOGE) experienced a resurgence in 2024, partly due to optimism surrounding Musk's leadership and the broader bullish trend in the crypto market. The author believes that Doge (DOGE) has completed key technical corrections, laying the foundation for an upward momentum. Doge (DOGE) is poised for a significant rebound. Currently, many view Doge (DOGE) as more than just a speculative asset.
Can Doge (DOGE) Reach $1 by the End of the Year?
Will the D.O.G.E. department save Americans billions of hours in time waste, or will Doge (DOGE) bring them multiple-fold gains?
Musk, with his command of the narrative tool (X), has embarked on a high-stakes dual gamble - the D.O.G.E. department and Doge (DOGE) - akin to betting on both sides of a coin: either way, he wins.
The author is reminded of Wei Xiaobao's words: "We rebelled against the Qing because they took our money and women." Whether it's clear or not, who cares? We're all smart people here!
