Crypto operators have yet to take down their Christmas stockings

On February 21, the Coinbase (NASDAQ: COIN) digital asset exchange issued a blog post claiming that “SEC staff has agreed in principle to dismiss its unlawful enforcement case against Coinbase

The U.S. Securities and Exchange Commission (SEC) is cutting staff in its regional offices as part of broader administrative changes, the regulator announced on Friday.

The agency notified 10 regional directors that their jobs would soon be eliminated, although the SEC doesn’t plan to close these offices entirely, a spokesperson told Bloomberg Law. The move comes as part of broader administrative changes, the spokesperson said.

The SEC is also planning to eliminate several regional deputy director positions and make other personnel adjustments, the spokesperson said.

The move comes after Elon Musk’s controversial Department of Government Efficiency (DOGE) — the namesake of the world’s second-largest cryptocurrency — urged the public in an X post last week for “insights on finding and fixing waste, fraud and abuse relating to the [SEC].”

After noting that the SEC is “a critical agency in our government,” Musk’s DOGE stated that he’d been unable to identify any such issues.

However, several SEC senior staff had a call on Monday to discuss an ongoing collaboration with DOGE on highlighting government efficiency, according to sources familiar with the matter.

The move comes as part of broader efforts by the Biden administration to reduce the federal deficit and improve government efficiency. Earlier this year, the administration announced plans to cut spending on several programs and raise taxes on corporations and high-net-worth individuals.

The SEC did not immediately respond to a request for comment.