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- DOGE Arrives at SEC to "Hunt for Spending Cuts"
DOGE Arrives at SEC to "Hunt for Spending Cuts"
Plus the SEC's Reverse Sweep in crypto enforcement is one case away from completion.
Good morning! Here’s what’s up.

Clips ✂️
Musk’s DOGE Staffers Arrive at SEC to Hunt for Spending Cuts
Elon Musk’s Department of Government Efficiency has landed at the US Securities and Exchange Commission one day after President Donald Trump’s choice to lead the agency, Paul Atkins, appeared before the Senate Banking Committee for his nomination hearing.
A group of Musk advisers arrived Friday at the agency, according to communications from the agency sent to staff and reviewed by Bloomberg News. The message didn’t identify the DOGE emissaries by name, and SEC staff were instructed to treat them as internal employees, according to the message.
“In compliance with the president’s Executive Order establishing DOGE, the SEC is beginning to onboard members of the team,” an agency spokesperson said.
The SEC has designated an internal team to work with DOGE. The group includes the offices of the chief operating officer, the general counsel, human resources and enforcement, according to the message.
The U.S. Securities and Exchange Commission appears to have closed almost all of its outstanding crypto-related cases — at least the publicly disclosed ones — in the last two months since Mark Uyeda took over as acting chair of the agency. In many of the court filings, the SEC argued that it needs to pull these cases while the regulator’s new crypto task force reassesses how exactly it applies securities laws to digital assets, though in at least some of these cases the SEC is leaving itself no recourse to sue again should it find some cryptos from previously active suits are indeed securities.
👉 The graphic below from this CoinDesk article says it all:

What is the Purpose of the SEC?
Yesterday the Commission stipulated to the dismissal of the Kraken case with no explanation. The initial complaint was a virtual litany of violations of the federal securities laws…. The complaint goes on for about 90 pages detailing the wrongful conduct Defendants were alleged to have engaged in that harmed market and investors.
None of the issues cited in the initial complaint are addressed in the stipulation dismissing the Kraken action published yesterday by the agency. Rather, that stipulation states only that that “the Commission and the Defendants stipulate that the Litigation be dismissed with prejudice. . .” No other explanation is offered.
The Commission’s action yesterday makes it clear that the agency has vacated the space. This action was taken despite years of cases filed, litigated and resolved in favor of the agency based on long standing law applied to crypto assets, not novel ideas. Yet now the agency has vacated the space. Now the agency has left investors with no explanation for its actions and more importantly no protection. Now it has disregarded its obligation to protect investors without explanation. If this is the approach of the agency – leaving investors to fend for themselves – what is its purpose?
👉 Post by Tom Gorman of Dorsey & Whitney.
Trump Pardons Trevor Milton, Founder of Bankrupt Truck Maker Nikola
Trevor Milton, a major Republican donor who was convicted by a federal jury in 2022 of defrauding investors in the electric truck maker Nikola, has received a pardon from President Trump, the White House said on Friday.
Mr. Milton, Nikola’s founder and former chief executive, was sentenced to four years in prison and fined $1 million after a New York jury convicted him of one count of securities fraud and two counts of wire fraud. He has been free on bail while he appealed the conviction.
In addition to sparing Mr. Milton time in prison, the pardon means he will not be required to comply with a court order to compensate shareholders in Nikola, who lost tens of millions of dollars after Nikola’s share price collapsed. He still faces a class-action lawsuit filed by shareholders.
Today I was issued a full and unconditional pardon by @realDonaldTrump himself. He called me personally to tell me.
This pardon is not just about me—it’s about every American who has been railroaded by the government, and unfortunately, that’s a lot of people. It is no wonder
— Trevor Milton (@nikolatrevor)
12:13 AM • Mar 28, 2025
👉 Trump also pardoned Carlos Watson, a co-founder of Ozy Media, on the day he was set to surrender to prison. The NYT reports that Watson was “sentenced in December to almost 10 years in prison for trying to defraud investors and lenders by lying about the company’s finances.”
Galaxy Digital Settles with NYAG for $200 Million Over Luna Ties
Galaxy Digital and its affiliates will pay $200 million to settle a New York attorney general’s investigation into their involvement with the collapsed cryptocurrency, Luna.
The New York Attorney General’s Office said it found that Galaxy promoted and sold Luna to the public without disclosing its intent to sell its holdings, according to a regulatory filing. Galaxy said Friday it reached an agreement with the NYAG on Thursday.
In October 2020, Galaxy bought more than 18.5 million Luna tokens from Terraform Labs at 22 cents each, nearly 30% below the market price of 31 cents, according to the filing. After the purchase, CEO Mike Novogratz endorsed the token, unveiling a Luna tattoo on his arm in January 2022 after the token shot above $100.
While Novogratz publicly talked up Luna, Galaxy sold millions of tokens into the market at prices significantly higher than its initial purchase price without disclosing that it was selling, the NYAG said. The firm reaped hundreds of millions of dollars in profits, according to the state prosecutor.
👉 The NYAG’s “Assurance of Discontinuance” is here.
The case may be discontinued but Novogratz’s Luna tattoo presumably is not:


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Why 'Tiger King' Joe Exotic Launched a Solana Meme Coin From Behind Bars
► decrypt.co/312192/tiger-k…decrypt.co/312192/tiger-k…— Decrypt (@DecryptMedia)
5:52 PM • Mar 29, 2025
2025 Ethereum Bull Run
— naiive (@naiivememe)
4:48 PM • Mar 28, 2025
NEWS: "Hawk Tuah" girl Haliey Welch says the SEC closed its investigation into her crypto memecoin that crashed 95% hours after launch.
Welch says the SEC will not be pursuing any charges or monetary sanctions.
— Exec Sum (@exec_sum)
6:26 PM • Mar 29, 2025