Dogecoin is More Decentralized than Bitcoin; Says Metallicus CEO
CoinEdition
Published Apr 23, 2023 03:36AM ET
Updated Apr 23, 2023 04:00AM ET
Dogecoin is More Decentralized than Bitcoin; Says Metallicus CEO
- Marshall Hayner argued against the US SEC’s classification of DOGE as a security.
- The Dogecoin Board Member compared DOGE with BTC, stating that DOGE is more decentralized than BTC.
- Hayner also stressed that, unlike other cryptocurrencies, DOGE hasn’t been used to amass huge wealth.
Marshall Hayner, the CEO of the financial services company Metallicus and the Board Member of the Dogecoin Foundation, in a recent interview with the Fox Business reporter Eleanor Terrett, argued against the US SEC’s classification of the cryptocurrency Dogecoin as a security.
Interestingly, Hayner showcased that Dogecoin wasn’t directed toward amassing huge sums of money. Rather, Jackson Palmer and Billy Markus, the founders of the coin have been using Dogecoin for small-scale activities like purchasing pre-owned cars, organizing parties, etc. Also, he added that the memecoin, when compared to other cryptocurrencies, doesn’t own a genesis wallet or large central pool of funds.
While elaborating on his arguments, Hayner compared Dogecoin with Bitcoin, pointing out that the former is a fork of the latter. Thus he confirmed that as Bitcoin isn’t categorized as a security, Dogecoin should neither be considered.
Further, he criticized the policies of the US Securities and Exchange Commission (SEC), pointing out the necessity of creating a comprehensive set of policies that ensures oversight and project survival. He stated:
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.
Moreover, he stressed the decentralized nature of Dogecoin, arguing that it is even more decentralized than Bitcoin. He also presented a picture of the memecoin as a “community-driven” cryptocurrency, further strengthening his claims against the categorization of dogecoins as securities as classified by the US SEC.
The post Dogecoin is More Decentralized than Bitcoin; Says Metallicus CEO appeared first on Coin Edition.
See original on CoinEdition
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.