Officials from the Securities and Exchange Commission fear DOGE is exercising outsized power as they negotiate new regulations surrounding blank-check companies.
According to Reuters, DOGE officials are now urging staff at the SEC to relax policies surrounding special-purpose acquisition companies.
Sometimes known as a “blank-check company,” a special-purpose acquisition company, or SPAC, is a shell company created to raise funds so its founder can acquire a private company, allowing them to take the private company public with fewer regulations. However, doing so also creates greater risks for investors, which the SEC policies surrounding SPACs were intended to mitigate.
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