Dogecoin Foundation head weighs in on ‘safe’ memecoin, SEC’s crypto regulations
- The Dogecoin Foundation’s long-time member sheds light on the meme’s regulatory-proof basic principles.
- The discussions around DOGE remained at a high level.
As part of the marking of 20.4 Dogecoin [DOGE] Day spoke to Fox Business with one of the foundation’s board members. Marshall Hyner, in question, has been with the Dogecoin Foundation since 2013. I interviewhe mentioned that the US SEC could not target the memecoin.
Realistic or not, here it is DOGE’s market value in BTC terms
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He explained his reasons and pointed out that DOGE was similar to Bitcoin [BTC] and therefore it could not be termed a security. He also mentioned that DOGE was community-driven. Therefore, its decentralized nature may have helped it get away from the SEC’s prescription jurisdiction.
Furthermore, Hyner admitted that he was not a fan of the enforcement approach of the US regulator. Instead, he urged the SEC to look into creating guidelines to ensure oversight and survival of the project. Hyner said:
“I believe that there are groups that build and have centralized companies. But that doesn’t mean a cryptocurrency isn’t decentralized because they have centralized entities.”
It is important to note that the SEC has not issued any specific statements regarding Dogecoin. And it is unclear whether the agency will take any regulatory action against the cryptocurrency.
That said, the SEC’s regulatory focus has primarily been on initial coin offerings (ICOs) and cryptocurrencies that are considered 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 buy with the hope that the asset value will rise.
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 the coin could break into the top three because the meme “can’t be stopped”.
But this may be a difficult task to achieve given how far the eighth-ranked cryptocurrency is from third-placed Tether [USDT]. At press time, Dogecoin market value fell 11.89% to $10.98 billion.
Source: Sentiment
This was a testimony to the prevalence declining coin circulation and dive into the prices. But the coin’s social dominance showed an opposite reaction since 4/20. At the time of writing, the calculation which revolves around a resource’s social discussion was up to 4.87%
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This suggested that the Dogecoin Day celebration sparked more dialogues around the cryptocurrency. Meanwhile, Twitter CEO and outspoken Dogecoin lover Elon Musk didn’t exactly “promote” the meme on the said date. Instead, his focus was on Starship launch.
However, it is important to keep in mind that the regulatory landscape surrounding cryptocurrencies is constantly evolving, and it is difficult to predict how agencies such as the SEC will react to assets such as Dogecoin in the future.
