© Reuters. Dogecoin’s Decentralized Nature Outlined by Metallicus CEO
- Marshall Hayner voiced his opinion against the US SEC’s classification of DOGE as a security.
- The Board Member compared DOGE with BTC, noting that DOGE is more decentralized than BTC.
- Hayner also noted that, unlike other cryptocurrencies, DOGE hasn’t been utilized to accumulate large amounts of wealth.
Marshall Hayner, the CEO of the financial services provider Metallicus and a Board Member of the Dogecoin Foundation, in a recent conversation with Fox Business reporter Eleanor Terrett, expressed his disagreement with the US SEC’s classification of Dogecoin as a security.
Interestingly, Hayner highlighted that Dogecoin was not intended to garner immense wealth. Rather, Jackson Palmer and Billy Markus, the coin’s founders, have been using Dogecoin for small-scale activities like buying second-hand cars, hosting parties, etc. He also added that the memecoin, when compared to other cryptos, does not hold a genesis wallet or large central pool of funds.
While explaining his opinion, Hayner compared Dogecoin with Bitcoin, indicating that the former is a fork of the latter. Therefore he affirmed that if Bitcoin is not classified as a security, Dogecoin should not be either.
Furthermore, he emphasized the decentralized characteristics of Dogecoin, arguing that it is more decentralized than Bitcoin. He also painted a picture of the memecoin as a “community-driven” cryptocurrency, further cementing his arguments against the categorization of dogecoins as securities as classified by the US SEC.
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.
Additionally, he urged the US Securities and Exchange Commission (SEC) to create a comprehensive set of guidelines that guarantees oversight and project survival.
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