- Marshall Hayner argued against the US SEC’s classification of DOGE as a security.
- The Dogecoin Board Member compared DOGE with BTC, stating that DOGE is more decentralized than BTC.
- Hayner also stressed that, unlike other cryptocurrencies, DOGE hasn’t been used to amass huge wealth.
Marshall Hayner, the CEO of the financial services company Metallicus and the Board Member of the Dogecoin Foundation, in a recent interview with the Fox Business reporter Eleanor Terrett, argued against the US SEC’s classification of the cryptocurrency Dogecoin as a security.
Interestingly, Hayner showcased that Dogecoin wasn’t directed toward amassing huge sums of money. Rather, Jackson Palmer and Billy Markus, the founders of the coin have been using Dogecoin for small-scale activities like purchasing pre-owned cars, organizing parties, etc. Also, he added that the memecoin, when compared to other cryptocurrencies, doesn’t own a genesis wallet or large central pool of funds.
While elaborating on his arguments, Hayner compared Dogecoin with Bitcoin, pointing out that the former is a fork of the latter. Thus he confirmed that as Bitcoin isn’t categorized as a security, Dogecoin should neither be considered.
Further, he criticized the policies of the US Securities and Exchange Commission (SEC), pointing out the necessity of creating a comprehensive set of policies that ensures oversight and project survival. He stated:
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.
Moreover, he stressed the decentralized nature of Dogecoin, arguing that it is even more decentralized than Bitcoin. He also presented a picture of the memecoin as a “community-driven” cryptocurrency, further strengthening his claims against the categorization of dogecoins as securities as classified by the US SEC.