Aaron Brown, Columnist

SEC-CFTC Merger Sounds Like a Win for DOGE. Don’t Be Fooled.

The two agencies have multiple goals, which necessitates complex organizations.

January 27, 2025 at 10:00 AM UTC

Aaron Brown is a former head of financial market research at AQR Capital Management. He is also an active crypto investor, and has venture capital investments and advisory ties with crypto firms. He is the author of the soon-to-be-released "Wrong Number."

Elon Musk’s DOGE is looking for cuts.
Photographer: Victor J. Blue/Bloomberg

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A proposal to merge the two big financial regulators is back on the table as President Donald Trump’s newly appointed Department of Government Efficiency looks to trim the federal bureaucracy. This is a bad idea, but to see that we have to step back a bit.

Everyone wants to cut waste and corruption, and to make government more efficient. But that’s hard work. Attempts often backfire, creating new red tape and getting in the way of people doing their jobs.