The co-founder of the original memecoin is speaking out against SEC chair Gary Gensler following his recent statement that Bitcoin is not considered a security. In an interview with CNBC, Gensler made it clear that both he and his predecessor have determined that Bitcoin does not fall under the category of a security.
This classification of Bitcoin as a “non-security” means that the regulation of the leading cryptocurrency does not fall within the jurisdiction of the SEC. In response to this announcement, Dogecoin creator Billy Markus took to social media to call out Gensler for not extending the same classification to DOGE.
Markus pointed out that Dogecoin is primarily based on Bitcoin’s code and operates in a similar manner, therefore he believes that it should also be considered a non-security. Gensler has yet to respond to Markus’ remarks.
This is not the first time that Markus has criticized Gensler’s actions as SEC chair. In the past, Markus expressed his frustration with Gensler’s lack of clear rules and regulations for the digital assets industry, calling him “useless in every single way.”
At the time of writing, Dogecoin is trading at $0.117, showing an increase of 11% over the past week. It remains to be seen how Gensler will address the concerns raised by Markus and the broader cryptocurrency community.
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(Image credit: Midjourney)