The co-founder of meme asset Dogecoin (DOGE) is calling out the chairman of the US Securities and Exchange Commission (SEC), saying he is “useless in every possible way.”
Respond to a new one video by SEC Chairman Gary Gensler, who claims fraud and non-compliance are widespread within the digital asset industry, DOGE co-founder Billy Markus say that Gensler is essentially just a figurehead who does nothing.
‘You’ve never made any real rules, you’re just hand-waving. You’re basically useless in every way.”
In the video, Gensler says that even though digital assets are a small part of the U.S. economy, failure to comply with current securities laws hurts U.S. investors.
“There is a lot of non-compliance. Failure to comply with securities laws that are there to help you disclose the information so that you can make the investment decision, but also to protect you from fraud and manipulation. There has been far too much fraud and bad actors in the cryptocurrency space…
This really is the Wild West, and it’s all over the world. I would say again, this is a small part of our American capital market, but it can undermine confidence when so many people are hurt and all they can do is stand in line in bankruptcy court.
It’s not just one actor… this is something that permeates this entire field globally, and it’s even difficult for the good faith actors to compete because there are so many challenges elsewhere.”
In October, Markus also called out the Dogecoin community in a similar manner, saying at the time that they are “not doing anything productive.”
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