Marshall Hayner, CEO of the financial services company Metallicus and Board Member of the Dogecoin Foundation argued against the US SEC’s designation of the cryptocurrency Dogecoin as a security in a recent interview with Fox Business reporter Eleanor Terrett.
Dogecoin is more decentralized than Bitcoin
Hayner, in an interesting demonstration, showed that Dogecoin wasn’t designed to generate enormous quantities of money. However, the coin’s creators, Jackson Palmer, and Billy Markus use Dogecoin for smaller-scale jobs like buying used vehicles and planning parties. Additionally, he said that the meme-coin lacks a Genesis wallet and a sizable central money pool in comparison to other cryptocurrencies.
When questioned about why the US Securities and Exchange Commission (SEC) failed to investigate the meme coin, he said that dogecoin is similar to bitcoin (BTC) and has a vibrant community. The United States Commodity Futures Trading Commission (CFTC), one of the leading regulators, has classed bitcoin as a commodity.
Hyner stated, “The Securities Exchange Act defines a security as a financial asset with a future expectation of gains and a centralized institution, like Howie. In DOGE, none of these elements are present.”
Hyner said that he didn’t agree with the SEC’s approach to enforcement. He recommended that they create protocols instead to ensure project oversight and continuance.
The development team didn’t anticipate DOGE to rank among the top 10 cryptocurrencies, says Hyner. Now that the meme “cannot be stopped,” he believes the coin has a chance to finish in the top three.
He stated, “I think it’s going to become one of the top three someday because the thing is, there is this memetic force, and it can’t be stopped, and at the top of all the crypto memes is Kabosu and Dogecoin.
In addition, he emphasized Dogecoin’s decentralized character, asserting that it is even more decentralized than Bitcoin. The regulatory environment surrounding cryptocurrencies is, however, continuously changing, and it is difficult to foresee how organizations like the SEC will react to assets like Dogecoin in the future.
Dogecoin was made as a parody of Bitcoin
The parody cryptocurrency Dogecoin ($DOGE) has gained widespread popularity.
Dogecoin ($DOGE), a well-known meme-based cryptocurrency, was first introduced on December 6, 2013, as a “fun and friendly internet currency.” Jackson Palmer and Billy Markus came up with the idea. The mascot of Dogecoin, a “decentralized, peer-to-peer digital currency,” is a Shiba Inu (a Japanese breed of dog).
Dogecoin has captivated the interest of a younger and more varied audience and built a devoted following on social media platforms with its famous Shiba Inu dog emblem and humorous memes.
The popularity of Dogecoin among the general public has affected how people view and use cryptocurrencies as a whole. While some detractors consider Dogecoin to be a pointless and speculative investment, others view it as a means of attracting new users and igniting interest in the larger cryptocurrency ecosystem.
Dogecoin, nevertheless, also has obstacles and detractors who argue that it is not an attractive investment or method of payment. Some have questioned the long-term viability and stability of Dogecoin due to its limitless production and lack of a distinct use case.
Elon Musk, the CEO of Tesla and SpaceX, is ranked as the second-richest person in the world by Forbes, with an estimated net worth of $173.6 (as of April 23, 2023). This fact, combined with the fact that he likes Dogecoin, gives many $DOGE HODLERs hope that he will soon find a common application for $DOGE, such as integrating $DOGE into Twitter.