Source: Cointelegraph Original: "{title}"

Senior Democrats on the U.S. House Financial Services Committee have issued a warning following reports that Tesla CEO Elon Musk's "Department of Government Efficiency" (DOGE) team may have gained access to data and systems from the U.S. Securities and Exchange Commission (SEC).

In a statement on March 31, U.S. Representative Maxine Waters reiterated her warning from a letter sent to SEC Acting Chair Mark Uyeda in February, which addressed reports that the DOGE team led by Musk could gain access to sensitive SEC information. DOGE is an advisory group for U.S. President Donald Trump and is not a department formally established by Congress. According to the California lawmaker, allowing Musk such access would have "serious consequences" for U.S. investors and raise conflicts of interest.

Waters pointed out, "Due to this takeover, the agency faces a higher risk of data breaches and market disruptions, which could lead to investors, including retirees, losing their hard-earned savings." She also added:

"Worse yet, Musk has been the subject of multiple SEC enforcement actions for violating securities laws and related regulations, and he could leverage access to confidential business information and influence over SEC operations to benefit his own business interests and harm competitors."

Waters' warning stems from multiple reports indicating that Musk's DOGE team has contacted the SEC and may have gained access to the agency's systems and data. Since Musk joined the Trump administration as a "special government employee," his DOGE team has pushed for the dismissal of staff from several government agencies, including the U.S. Agency for International Development (USAID) and the Consumer Financial Protection Bureau (CFPB). Many of DOGE's actions are currently facing lawsuits in federal court, alleging that their conduct is illegal or unconstitutional.

As one of the primary financial regulatory agencies in the U.S., the SEC is responsible for overseeing and regulating many areas, including the cryptocurrency industry, such as determining whether certain tokens qualify as securities. Under the leadership of Uyeda and Trump, the SEC has dismissed several securities law violation lawsuits against cryptocurrency companies since January.

It remains unclear whether the DOGE team plans to "cleanse" the SEC by dismissing employees that Musk deems disloyal to the Trump administration. However, some lawsuits involving other government agency dismissals suggest this possibility. Cointelegraph has reached out to SEC Acting Chair Uyeda and SEC Commissioner Caroline Crenshaw for comments but has not received a response as of publication.

The news of the DOGE team's infiltration of the SEC comes as the U.S. Senate Banking Committee prepares to vote on whether to advance Trump's nomination of Paul Atkins to serve as SEC Chair. During the confirmation hearing on March 27, Atkins stated that if confirmed, he would "absolutely" be willing to work with the DOGE team. However, during the hearing, Democratic lawmakers questioned potential conflicts of interest between Atkins and the cryptocurrency industry.

Related: SEC Acting Chair votes against suing Musk over Twitter stock disclosure issues.

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