The outspoken Dogecoin founder, Billy Marcus, is the latest crypto personality to make his feelings known to the Security Exchange Commission (SEC) executive for his latest comment on cryptocurrency regulation.
Gary Gensler, the SEC’s chair, recently said that the crypto market shouldn’t be treated differently from the capital markets just because it is being run on a different technology. Additionally, he called out crypto stakeholders in his Wall Street Journal (WSJ) article to reach out to the SEC to understand how the U.S. security laws work.
Gensler also showed pessimism about the digital currency when he commented that investors should beware of promised returns from cryptocurrency lending services and products that seem “too good to be true.”
These comments caused several prominent crypto investors, including Mark Cuban, CEO of Dallas Mavericks, and Billy Marcus, to oppose the SEC’s sanctimonious stance.
Nevertheless, the dogecoin founder chose to respond sarcastically to Gensler’s comment, saying:
“I am glad there are so many super clear guidelines for all this stuff after ten years of it existing.”
Related: All You Need to Know About Dogechain; A Beginner’s Guide
Other Countries Create Regulations For Dogecoin and Other Cryptocurrencies
It’s no news that since the establishment of the U.S. crypto market, rather than making provisions for precise regulation, the SEC embraced regulation by enforcement tactics in regulating the country’s cryptocurrency market.
While other countries have taken vital steps to regulate crypto in their jurisdictions, the United States has been lagging in providing regulatory clarity for the emerging industry.
Despite efforts made by industry stakeholders to get regulated, the SEC is still unwilling to change its tactics.
For example, BLOCKFi Lending LLC was recently charged with failing to register its offer and sales of its retail crypto lending. Additionally, Ripple is currently facing a lawsuit for going against the SEC guidelines during one of its operations.
Read more: “SEC Wants to Regulate Cryptocurrency”: Ripple Attorney Slams Exchange Commission Chairperson.
