Cardano Founder Charles Hoskinson Cheers DOGE’s SEC Investigation

Elon Musk’s Department of Government Efficiency (DOGE) has launched an investigation into the Securities and Exchange Commission (SEC), aiming to uncover waste, fraud, and abuse within the agency. This move has sparked significant excitement within the crypto community, particularly from top stakeholders like Charles Hoskinson, the founder of Cardano.

Hoskinson’s Reaction

Reacting to the news, Hoskinson shared a GIF of an excited man with the caption ‘so happy’. His enthusiasm reflects the broader sentiment within the crypto community, which has long criticized the SEC’s aggressive stance toward the industry. “I’m thrilled to see the government taking steps to address potential issues within the SEC,” Hoskinson stated.

SEC’s Aggressive Stance

The SEC’s approach to regulating the crypto industry has been a point of contention. The previous administration focused heavily on enforcement actions, which many in the crypto community viewed as stifling innovation.

Although the SEC did not directly charge Hoskinson or the Cardano project with securities law violations, it labeled ADA security in litigations against exchanges like Coinbase and Binance. “The SEC’s methods have often been heavy-handed,” remarked Hoskinson.

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

Other Crypto Executives React

Besides Hoskinson, other top crypto executives like Paul Grewal, Coinbase’s Chief Legal Officer, and Stuart Alderoty, Ripple’s Chief Legal Officer, have also reacted to the investigation. Grewal suggested that a new rule should require the SEC to cover the attorney fees and legal costs of defendants who win against the agency, reports The Crypto Basic.

“It’s only fair that those who successfully defend themselves shouldn’t be burdened by legal fees,” Grewal asserted. Alderoty remarked, “I have the receipts,” implying he has evidence of the SEC’s misconduct.

Ongoing Lawsuits

Coinbase and Ripple are currently involved in separate lawsuits against the SEC. While the Coinbase lawsuit is still in a district court, the Ripple case is being appealed. Both Grewal and Alderoty have been vocal critics of the SEC’s regulatory approach and litigation strategy. “These cases highlight the need for a more transparent and fair regulatory process,” Alderoty commented.

New SEC Leadership

The new SEC leadership is working to address some of these concerns. It is also making efforts to establish transparent and fair regulation for the industry through its crypto task force.

The crypto community has welcomed DOGE’s investigation into the SEC, hoping it will lead to more accountability and better regulation.

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