Marshall Hayner, CEO of Metallicus and Dogecoin Foundation Board Member, recently dispelled the notion that Dogecoin could be classified as a security, citing its unique decentralized origins and lack of centralized ownership
In a recent interview with Fox Business reporter Eleanor Terrett, Marshall Hayner, CEO of Metallicus and Board Member of the Dogecoin Foundation, refuted the notion that Dogecoin could be classified as a security.
According to Hayner, a security is typically a financial asset with expectations of future gain and a centralized entity behind it. He pointed out that neither of these characteristics apply to Dogecoin, which was initially perceived as a joke and never had a centralized entity controlling it.
Hayner explained that Dogecoin’s 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 throwing parties, but there was no genesis wallet or large central pool of funds as seen in other cryptocurrencies.
Hayner believes that because Dogecoin was not taken seriously in its early days, no one sought to take control of it, resulting in its unique decentralized nature.
Drawing a comparison between Dogecoin and Bitcoin, Hayner emphasized that Dogecoin is a fork of Bitcoin, and if Bitcoin is not considered a security, then Dogecoin should not be either.
In fact, Hayner argued that Dogecoin is even further from having centralized ownership than Bitcoin, which strengthens its case for not being classified as a security.
The debate surrounding the classification of cryptocurrencies as securities continues, but Hayner’s comments provide a strong argument for Dogecoin’s status as a non-security.