SEC Chair Affirms Bitcoin Not a Security, Dogecoin Co-Founder Urges Similar Classification

The recent statement by SEC Chair Gary Gensler reaffirming that Bitcoin is not considered a security has sparked a new debate in the crypto community. Dogecoin co-founder Billy Markus has urged the SEC to classify DOGE similarly, pointing out that both cryptocurrencies operate in a similar manner as Dogecoin has copied its code from the Bitcoin original codebase.

In response to Gensler’s comments, Markus took to social media to express his views, stating that Dogecoin should also be considered a non-security due to its similarities with Bitcoin. The debate over the classification of cryptocurrencies continues to heat up as regulators look to tighten their grip on the industry.

Meanwhile, Dogecoin’s price has surged by over 18% in the past week, boosted by a strong market recovery. The meme coin is currently trading at $0.1243 with a market cap of $18.166 billion, with daily trading volumes surpassing $1.5 billion. The price rally has been further fueled by a recent post by billionaire Elon Musk, teasing DOGE for a proposed Department of Efficiency in the US government.

As the crypto market continues to evolve, the classification of cryptocurrencies as securities remains a hot topic of discussion. With Dogecoin’s price rally and calls for regulatory clarity, the future of the meme coin and its classification by the SEC remain uncertain.