Dogecoin Creator Urges SEC Boss to Approve DOGE as Nonsecurity

Crypto Market Under Scrutiny amid SEC Hearings

The crypto market witnessed intense scrutiny during U.S. Congressional hearings on cryptocurrency regulation. The SEC Chairman, Gary Gensler, faced significant criticism for his coercive regulatory approach.

Gensler's policy of classifying various assets, including baseball game tickets, as securities drew backlash. Amidst mounting pressure, Gensler attempted to mollify sentiments by clarifying that Bitcoin is not considered a security.

Dogecoin Co-founder Challenged Gensler

Crypto community members, particularly Dogecoin (DOGE) co-founder Billy Markus ("Shibetoshi Nakamoto"), responded to Gensler's statement. Markus argued that DOGE should also be exempted from security status as its code is largely based on Bitcoin and operates on similar principles.

Unlimited Supply vs. Code Fix

However, Markus's assertion was challenged due to Dogecoin's unlimited supply, unlike Bitcoin. Markus countered that this could be addressed with a code modification and miner approval.

"Exactly the same process as Bitcoin," Markus stated, dismissing his opponent's objection as a lack of understanding.