In a recent interview with FOX Business, in honor of 4/20, dogecoin (DOGE) day, Marshall Hyner, who has worked with the Dogecoin Foundation since 2013; claims the meme coin cannot be classified as a security.
When asked why the United States Securities and Exchange Commission (SEC) couldn’t go after the meme coin, he said dogecoin is like bitcoin (BTC) and has an active community. Bitcoin is classified as a commodity by the top regulator, including the United States Commodity Futures Trading Commission (CFTC).
“As per the Securities Exchange Act, a security is classified as an asset that is a financial asset that has future expectation of gains and has a centralized entity like Howie. None of these factors exist in DOGE.”
Dogecoin Foundation board directions member: Marshall Hyner
Hyner also said he disagreed with how the SEC handled enforcement. Instead, he suggested that they develop procedures to guarantee the monitoring and continuation of projects.
Hyner continues that the development team didn’t expect DOGE to become one of the ten largest cryptocurrencies. Since the meme “cannot be stopped,” he now thinks the coin has a shot at the top-3.
“I think it’s gonna become one of the top three someday because the thing is, there is this memetic power, and it can’t be stopped, and at the top of all the crypto memes is Kabosu and dogecoin.”
Dogecoin foundation board directions member: Marshall Hyner
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As of this writing, dogecoin is relatively steady, adding roughly 2% in the past 24 hours.
DOGE 24-hour charts | Source: CoinMarketCap
Dogecoin has been firm, with some attributing the rally to Elon Musk’s support.
While Elon Musk, the CEO of Twitter and vocal supporter of dogecoin, did not precisely “promote” the meme on that day, he did tweet about it.
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