Metallicus CEO and Dogecoin Foundation Board Member Marshall Hayner recently dispelled the idea that Dogecoin could be classified as a security, citing its unique decentralized origins and lack of centralized ownership.
In a recent maintenance Along with Fox Business reporter Eleanor Terrett, Metallicus CEO and Dogecoin Foundation board member Marshall Hayner refuted the idea that Dogecoin can be classified as a security.
According to Hayner, a security is generally a financial asset with expectations of future gain and a centralized entity behind it. He pointed out that none of these characteristics apply to Dogecoin, which was initially seen as a joke and was never controlled by a centralized entity.
Hayner explained that Dogecoin founders Jackson Palmer and Billy Markus did not use the project to accumulate significant wealth, unlike some other cryptocurrency founders.
Palmer and Markus engaged in relatively small-scale activities like buying used cars and hosting parties, but there was no genesis wallet or large central pool of funds as reported. sees in other cryptocurrencies.
Hayner believes that since Dogecoin was not taken seriously in its early days, no one sought to take control of it, resulting in its unique decentralized nature.
Comparing Dogecoin to Bitcoin, Hayner pointed out that Dogecoin is a fork of Bitcoin, and if Bitcoin isn’t considered a security, then neither should Dogecoin.
In fact, Hayner argued that Dogecoin is even further away from having centralized ownership than Bitcoin, which strengthens his case for not being classified as a security.
Debate surrounding the classification of cryptocurrencies as securities continues, but Hayner’s comments provide a strong argument for Dogecoin’s status as non-security.