Dogecoin Creator Appeals to SEC Chair for Non-Security Status for DOGE, Mirroring Bitcoin’s Classification

SEC Chair Gensler Reiterates Bitcoin's Security Status, Fuels Dogecoin Classification Request

SEC Chair Gary Gensler has reaffirmed Bitcoin's non-security status, prompting Dogecoin co-founder Billy Markus to call for similar classification for DOGE.

Dogecoin's value has skyrocketed by over 18% in the past week, buoyed by a robust market rebound.

During a recent CNBC interview, SEC Chair Gensler emphasized that Bitcoin is not deemed a security, akin to commodities like gold or real estate. This stance contrasts with the commission's earlier classification of cryptocurrencies like XRP as securities.

Markus, responding to Gensler's remarks, tweeted: "[Gensler] also continues to avoid saying whether token is a security. I guess I'll have to keep asking if token is a security."

Dogecoin, a meme-inspired cryptocurrency initially created as a joke, has gained significant popularity in recent years. Its classification as a non-security would provide clarity and potentially boost its credibility among investors.

The market recovery has also contributed to Dogecoin's surge, with other cryptocurrencies like Ethereum and Cardano experiencing similar gains.