Dogecoin Foundation exec weighs in on ‘safe’ memecoin, SEC’s crypto-regulations
- The Dogecoin Foundation’s long-serving member elucidates on the meme’s regulation-proof fundamentals.
- Discussions around DOGE remained at a high level.
As part of the commemoration of the 4/20 Dogecoin [DOGE] Day, Fox Business had a chat with one of the foundation’s board members. Marshall Hyner, the person in question, has been with the Dogecoin Foundation since 2013. In the interview, he mentioned that the U.S. SEC could not target the memecoin.
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Explaining his reasons, he pointed out that DOGE was similar to Bitcoin [BTC] and hence it could not be termed as a security. He also mentioned that DOGE was community-driven. Therefore, its decentralized nature might have helped it get away from SEC’s prescription jurisdiction.
Furthermore, Hyner admitted that he was not a fan of the enforcement approach by the U.S. regulator. Instead, he urged the SEC to look to create policies to ensure oversight and project survival. Hyner said:
“I think that there are groups that build and have centralized companies. But that doesn’t mean that a cryptocurrency is not decentralized because they have centralized entities.”
It is important to note that the SEC has not made any specific statements regarding Dogecoin. And it is unclear whether or not the agency will take any regulatory action against the cryptocurrency.
That being said, the SEC’s regulatory focus has primarily been on initial coin offerings (ICOs) and cryptocurrencies that are deemed to be securities. Dogecoin, on the other hand, was not launched through an ICO and was not marketed as an investment opportunity.
For the uninitiated, an ICO is an event where a project attempts to sell a new coin or token, which investors purchase with the hope that the asset value rises.
DOGE: Not out of the top 3 race
Hyner also noted that he and other members of the development team did not envision a DOGE break into the top 10 cryptocurrencies by market capitalization. However, he now believes that the coin could break into the top three because the meme “cannot be stopped”.
But this could be a herculean task to achieve considering how far off the eighth-ranked cryptocurrency is from the third-placed Tether [USDT]. At press time, the Dogecoin market cap decreased by 11.89% to $10.98 billion.
This was a testament to the widespread declining coin circulation and dip in prices. But the coin’s social dominance exhibited an opposite reaction since 4/20. At the time of writing, the metric which revolves around an asset’s social discussion was up at 4.87%
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This implied that the Dogecoin Day celebration stirred several dialogues around the cryptocurrency. Meanwhile, Twitter CEO and outspoken Dogecoin lover Elon Musk did not exactly “promote” the meme on the said date. Instead, his focus was on the Starship launch.
However, it is important to keep in mind that the regulatory landscape around cryptocurrencies is constantly evolving, and it is difficult to predict how agencies like the SEC will respond to assets like Dogecoin in the future.