Marshall Hayner, CEO of Metallicus and Board Member of the Dogecoin Foundation, denied that Dogecoin could be categorised as a security in a recent interview with Fox Business reporter Eleanor Terrett.
According to Hayner, a security is often a financial asset backed by a centralised organisation with hopes of future profit. He emphasised that Dogecoin, which was at first considered a joke and never had a centralised body regulating it, does not fit any of these descriptions.
In contrast to several other cryptocurrency creators, Jackson Palmer and Billy Markus of Dogecoin did not exploit the project to amass a sizable amount of riches, according to Hayner.
There was no Genesis wallet or sizable central fund as seen in other cryptocurrencies, but Palmer and Markus engaged in very small-scale operations like purchasing old vehicles and hosting parties.
Dogecoin has a unique decentralised structure, according to Hayner, since no one attempted to take control of it when it first emerged because it was not taken seriously.
Hayner compared Dogecoin to Bitcoin, pointing out that Dogecoin is a fork of Bitcoin and that if Bitcoin is not regarded as a security, then neither should Dogecoin.
In fact, Hayner claimed that Dogecoin is more decentralised than Bitcoin, which supports the argument that it shouldn’t be categorised as a security.
Hayner’s remarks offer a compelling justification for Dogecoin’s designation as a non-security, notwithstanding the ongoing discussion about whether cryptocurrencies should be considered securities.
