Dogecoin is a meme-based coin that came into the crypto market in 2018; it has shown great promise and the ability to compete with some of the largest cryptocurrencies. Soon after Dogecoin’s inception, investors’ faith skyrocketed in its market base and price. However, the crypto market isn’t bereft of legal difficulties and volatility, and the meme-coin has had its fair share of challenges. SEC, the US legal body, has recently hogged the limelight due to its Chairman Gary Gensler’s comment about the crypto market. The word drew crticism from several corners; The crypto basic reports that Dogecoin’s founder was the latest to criticize Gensler.
The controversy builds up
Gensler recently opined that the cryptocurrency market should not get special treatment despite its different technology compared to the capital market. The comment hasn’t gone well with several crypto enthusiasts. Gensler’s basic crypto reports urged the crypto stakeholders to consult the SEC to get a comprehensive idea of US securities law. Besides Dogecoin’s co-founder Billy Marcus, Mark Cuban (CEO of Dallas Mavericks) also slammed Gensler for his recent comments. Marcus took to Twitter to express disappointment over SEC’s guidelines during the last decade.
The US crypto market needs to catch up
Unlike several other countries, the US faces many legal obstacles to introducing cryptocurrencies in various fields, including technology, finance, etc. The lack of clear regulations has plagued US crypto investors and firms for a long time. The ongoing legal battle between the SEC and Ripple is a testament to SEC’s old-age tactics and the lethargic legal framework. The US crypto regulators need to take rapid strides in the crypto field to stay relevant in the global crypto market. The US government and legal bodies must step up their game to advance their economy in the digital domain and benefit the large investors and firms over the long run.