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.
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.
bro you've never laid out any actual rules, you just hand wave you're basically useless in every single way
— Shibetoshi Nakamoto (@BillyM2k) December 21, 2023
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.
Earlier in October, Markus reprimanded the Dogecoin community for their lack of productivity.
or like, what does the community actually want anyway? i never really see it do anything productive at all, ever – i personally don't see why anyone would ever develop on the product or spend any time on it for this community, unless they enjoy pain and stress
— Shibetoshi Nakamoto (@BillyM2k) October 12, 2023
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.
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
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