DOGE Creator Urges SEC to Classify DOGE as Non-Security

• SEC Chair Gary Gensler reaffirmed that Bitcoin is not considered a security, which led Dogecoin co-founder Billy Markus to urge the SEC to classify DOGE similarly.
• Dogecoin’s price has surged by over 18% in the past week, boosted by strong market recovery.

In his recent interview with CNBC, Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), stated that Bitcoin doesn’t qualify as a ‘security’ clearing the air over the asset class. The discussion regarding crypto securities has ramped up again as the SEC looks to tighten its noose.

Gensler stated that the approval of the spot Bitcoin exchange-traded-funds (ETFs) earlier this year in January is proof of Bitcoin’s non-security status. “As it related to Bitcoin, my predecessor and I have said that’s not a security,” he said. “You now have a way that you can actually express that view — buy into that through exchange-traded products.”

Gensler’s comment was enough for Dogecoin co-founder Billy Markus aka Shibetoshi Nakamoto to urge the SEC chair in order to dismiss Dogecoin as a non-security as the world’s largest meme coin has copied its code from the Bitcoin original codebase. On the other hand, both the altcoins work the same.

he should say dogecoin isn’t a security also as it is mostly bitcoin code and works exactly the same way

— Shibetoshi Nakamoto (@BillyM2k) September 26, 2024

In a recent exchange on X (formerly Twitter), an online user named Daniel pointed out to Dogecoin (DOGE) co-creator Billy Markus that, unlike Bitcoin, DOGE has an infinite supply. Markus responded by emphasizing that this aspect could be changed easily through a code update, provided miners agree to it. “Same exact process as Bitcoin,” Markus remarked while also criticizing Daniel for lacking understanding.

So far the US SEC hasn’t classified Dogecoin (DOGE) as a security in its recent regulatory actions against crypto exchanges.

Dogecoin Founder Vows Never to Create Another Crypto

In another separate discussion, Billy Markus also clarified his position and involvement in the crypto space. He also clarified that he has only worked on his first cryptocurrency Dogecoin so far. Markus clarified that he hasn’t been involved with any crypto project over the last year adding that that Nakamoto’s post was a response to rumors or claims linking him to other cryptocurrency ventures.

Amid the strong recovery in the entire meme coin market, Dogecoin has entered a strong price rally. As of press time, the Dogecoin (DOGE) price is trading 8.25% up at $0.1243 with a market cap of $18.166 billion. Also, the daily trading volumes have surged by 50% moving above $1.5 billion. On the weekly chart, the DOGE price is up by 18.8%. As per the CNF report, the DOGE price has given a strong breakout eyeing another 70% price rally.

Another major catalyst to the DOGE price rally is the latest post by billionaire Elon Musk regarding the meme coin. Recently, he teased DOGE for the Department of Efficiency proposed for the upcoming US government if Donald Trump wins the elections, reported CNF.