Dogecoin Foundation executive digs into ‘safe’ memecoin, SEC crypto regulations

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The long-time member of the Dogecoin Foundation sheds some light on the fundamentals of regulatory-proof memes. Discussions around DOGE remained at a high level.

As part of the 4/20 Dogecoin commemoration [DOGE] Day, Fox Business had a conversation with one of the foundation’s board members. Marshall Hyner, the person in question, has been working for the Dogecoin Foundation since 2013. In the interview, he mentioned that the US SEC cannot target memecoin.

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Explaining his reasons, he pointed out that DOGE is similar to Bitcoin [BTC] and therefore, it could not be called a security. He also mentioned that DOGE was community driven. Therefore, its decentralized nature could have helped it move away from the statute of limitations jurisdiction of the SEC.

Additionally, Hyner admitted that he was not a fan of the US regulator’s enforcement approach. Instead, he urged the SEC to seek to create policies to ensure the oversight and survival of the project. Hyner said:

I think there are groups that build and have centralized businesses. But that does not mean that a cryptocurrency is not decentralized because it has centralized entities.

It is important to note that the SEC has not made any specific statement regarding Dogecoin. And it’s unclear whether or not the agency will take regulatory action against the cryptocurrency.

That being said, SEC regulation has primarily focused on initial coin offerings (ICOs) and cryptocurrencies considered securities. Dogecoin, on the other hand, was not launched via an ICO and was not marketed as an investment opportunity.

For the uninitiated, an ICO is an event where a project attempts to sell a new coin or token, which investors buy in the hope that the value of the asset will increase.

DOGE: Not out of the top 3

Hyner also noted that he and other members of the development team did not envision DOGE breaking into the top 10 cryptocurrencies by market capitalization. However, he now thinks the piece could enter the top three as the meme cannot be stopped.

But that could be a Herculean task to accomplish given the distance between the eighth-ranked cryptocurrency and third-placed Tether. [USDT]. At press time, the market capitalization of Dogecoin has decreased by 11.89% to $10.98 billion.

Source: Santiment

This speaks to the general decline in coin circulation and falling prices. But the coin’s social dominance has shown the opposite reaction since 4/20. At the time of writing, the metric that revolves around an asset’s social discussion was up at 4.87%

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This implied that the celebration of Dogecoin Day sparked several dialogues around cryptocurrency. Meanwhile, Twitter CEO and outspoken Dogecoin lover Elon Musk didn’t exactly promote the meme on said date. Instead, he focused on launching the Starship.

However, it is important to keep in mind that the regulatory landscape around cryptocurrencies is constantly changing and it is difficult to predict how agencies like the SEC will react to assets like Dogecoin in the future.

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