The war between SEC and cryptocurrency continues rumbling on with the latest suggestion that the SEC should focus on Ethereum (ETH) rather than the crypto exchange Coinbase. It drew the support of Twitter founder Jack Dorsey, which in turn drew the attention of pro-Dogecoin (DOGE) advocate and current Twitter owner, Elon Musk. As the saga continues to unfold, how will this affect new cryptocurrencies like DogeMiyagi (MIYAGI)?
Twitter Founder Jack Supports Bitcoin over Ethereum
With Jack Dorsey’s endorsement of classifying Ethereum as a ‘security’, one might wonder where this comes from. Jack is renowned for his support of Bitcoin and has prioritised the leading crypto amidst regulatory battles.
Following Rochard’s viewpoint, Jack Dorsey, the Twitter founder renowned for his support of Bitcoin, expressed his backing for prioritising the leading cryptocurrency amidst regulatory hurdles. Dorsey underscored the scarcity of scalable, censorship-resistant technologies such as Tor, Bitcoin, and Nostr.
Elon Musk, the wealthiest individual globally and current owner of Twitter, swiftly reacted to Dorsey’s pro-Bitcoin position with a concise and attention-grabbing tweet, injecting his trademark humour into the conversation.
Musk, who has previously shown interest in Dogecoin, a cryptocurrency inspired by memes, tweeted the phrase “DOGE ftw,” which stands for “for the win.” This straightforward response highlighted Musk’s ongoing enthusiasm for Dogecoin, adding an intriguing twist to the ongoing discourse on Bitcoin’s prominence.
While Dorsey has yet to directly address Musk’s tweet, he did make a noteworthy remark concerning Ethereum. When asked about the classification of ETH, Dorsey affirmed its status, indicating his belief that Ethereum should be regarded as a security. This statement introduces another layer of complexity to the ongoing debates surrounding the regulatory treatment of cryptocurrencies, potentially fuelling further discussions within the industry.
Why is the SEC suing Coinbase and Binance?
The Securities and Exchange Commission (SEC) has taken legal action against Coinbase and Binance, two prominent cryptocurrency exchanges, for allegedly violating its regulations. This move is likely to put other crypto exchanges in the spotlight, as they could also face similar consequences.
On Tuesday, the SEC claimed that Coinbase engaged in the trading of at least 13 crypto assets that qualify as securities, which should have been registered with the commission. Additionally, on Monday, the SEC accused Binance, the largest cryptocurrency exchange globally, of offering 12 cryptocurrency coins without registering them as securities.
By filing these lawsuits, the SEC has expanded the list of cryptocurrencies explicitly recognised as securities. Consequently, concerns have been raised regarding other exchanges that have permitted U.S. investors to trade these tokens, including Kraken, Gemini, Crypto.com, and Okcoin. Industry experts speculate that these exchanges might face regulatory actions as well. As a precautionary measure, some exchanges may consider delisting the specific tokens in question.
According to Jason Allegrante, the chief legal and compliance officer at Fireblocks, a provider of digital asset infrastructure, all U.S. exchanges should be aware that they could potentially face enforcement actions if they allow or have allowed the trading of these tokens.
How could this all affect DogeMiyagi?
DogeMiyagi is an exciting crypto project that emerges as one of the latest new meme coins for people to get into. It bases itself on the iconic Karate Kid franchise, namely its beloved Mr Miyagi character. Its ecosystem offers an exciting inroad into NFTs for investors and many are excited by where it could go.
But it would be affected if Ethereum became classified as a ‘security’ as this would then bring Ethereum into legal troubles with the SEC for violating its regulatory laws in all likelihood. And as DogeMiyagi operates on the Ethereum blockchain, it would likely be one of the cryptos affected if investors then hesitate to invest due to the uncertainty of the legal dispute.
For more about DogeMiyagi:
Website: https://dogemiyagi.com
Twitter: https://twitter.com/_Dogemiyagi_
Telegram: https://t.me/dogemiyagi
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WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
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