December 23, 2023 5:00 AM | 2 min read
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Dogecoin (CRYPTO: DOGE) co-founder Billy Markus has openly expressed his dissatisfaction with the U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler, branding him as “useless.”
What Happened: Markus, the co-creator of the popular meme cryptocurrency Dogecoin, has criticized SEC Chair Gensler’s approach to dealing with the digital asset industry.
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He was reacting to a recent video in which Gensler highlighted the widespread non-compliance and fraudulent activities within the sector.
Markus accused Gensler of being a figurehead who failed to take decisive action. “You’ve never laid out any actual rules, you just hand wave. You’re basically useless in every single way,” he remarked.
In his video, Gensler pointed out that despite digital assets constituting a small part of the US economy, non-compliance with existing securities laws is harmful to US investors. He described the crypto industry as the “Wild West,” citing a significant amount of fraud and malicious actors.
“I would say again, this is a small part of our US capital market, but it can undermine confidence when so many people have been hurt and then all they can do is stand in line in bankruptcy court,” Gensler said.
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Earlier in October, Markus reprimanded the Dogecoin community for their lack of productivity.
Why It Matters: Markus’s criticism of Gensler stems from the SEC Chair’s recent comments about the crypto industry. Gensler said that non-compliance was rife among cryptocurrency companies, which he claimed was detrimental to investors.
His comments reflect the ongoing tension between regulators and the crypto industry as they strive to find a balance between innovation and investor protection.
Read Next: Bitcoin, Ethereum, Dogecoin Drop Amid $116M Liquidations: Analyst Says King Crypto To Surge Over 30% In Two Days After This Catalyst Is Triggered
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo by Dennis Diatel on Shutterstock
“Finish 2023 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to end 2023 strong with 12 hot stock ideas every single month. ACT FAST.
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