Dogecoin’s Safety as a Memecoin: Dogecoin Foundation Member Weighs in

Dogecoin Foundation exec weighs in on ‘safe’ memecoin, SEC’s crypto-regulations

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The Dogecoin Foundation’s member expounds on the meme’s imperviousness to regulation. Talks surrounding DOGE persisted at an elevated level.

In observance of the 4/20 Dogecoin [DOGE] Day, Fox Business engaged in a dialogue with a member of the foundation’s board. Marshall Hyner, the aforementioned individual, has maintained an affiliation with the Dogecoin Foundation since 2013. During the interview, he asserted that the U.S. SEC would be unable to single out the memecoin.

Is copying the king coin the saving grace?

Explaining his reasons, he pointed out that DOGE was similar to Bitcoin [BTC] and hence it could not be termed as a security. He also mentioned that DOGE was community-driven. Therefore, its decentralized nature might have helped it get away from SEC’s prescription jurisdiction.

Furthermore, Hyner admitted that he was not a fan of the enforcement approach by the U.S. regulator. Instead, he urged the SEC to look to create policies to ensure oversight and project survival. Hyner said:

“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.”

It is important to note that the SEC has not released any explicit declarations concerning Dogecoin. It remains uncertain whether or not the agency will enforce any regulatory measures against the cryptocurrency.

The SEC’s regulatory concentration has mainly been on initial coin offerings (ICOs) and cryptocurrencies that are categorized as securities. Conversely, Dogecoin was not introduced via an ICO and was not promoted as an investment prospect.

For those unfamiliar with the concept, an ICO refers to an occasion where a project endeavors to vend a new coin or token, which investors acquire with the aspiration of the asset’s value appreciating.

DOGE: Potential contender for top 3

Hyner further acknowledged that neither he nor other members of the development team had foreseen DOGE attaining a position among the top 10 cryptocurrencies by market capitalization. However, he presently perceives the coin as a potential contender for a spot among the top three due to the meme’s impregnable nature.

This could be an arduous feat to accomplish given the substantial distance between the eighth-ranked cryptocurrency and the third-placed Tether [USDT]. At the time of publication, the Dogecoin market capitalization had declined by 11.89%, amounting to $10.98 billion.

Dogecoin market cap and social dominance

Source: Santiment

This bore testimony to the extensive reduction in coin circulation and plummet in prices. Nevertheless, the coin’s dominance in social media revealed a contrasting outcome since 4/20. As of this composition, the index measuring an asset’s social interaction surged by 4.87%.

This indicated that the Dogecoin Day festivities sparked numerous discussions regarding the cryptocurrency. Despite this, Twitter’s CEO and vocal Dogecoin enthusiast, Elon Musk, did not exactly “promote” the meme on the aforementioned date. Instead, his attention was focused on the Starship launch.

However, it is crucial to bear in mind that the regulatory terrain surrounding cryptocurrencies is continually evolving, and it is arduous to foretell how entities such as the SEC will react to assets like Dogecoin in the future.