The dogecoin co-founder joins other industry experts to slam the SEC’s chair for his recent comments about crypto regulations.
Billy Marcus, the co-founder of Dogecoin (DOGE), is the latest cryptocurrency expert to react to SEC chair Gary Gensler’s comment about the crypto market.
Recall that Gensler recently noted that the cryptocurrency market should not be treated differently from the capital markets simply because it uses a different technology.
Gensler also stated in his controversial Wall Street Journal (WSJ) article that crypto stakeholders should reach out to the SEC to better understand U.S. securities laws.
Several industry players, including Mark Cuban, CEO of Dallas Mavericks, slammed Gensler for his recent statement.
The outspoken Dogecoin founder also joined the list of industry players against the SEC’s hypocritical stance. Interestingly, Marcus chose to be sarcastic in his response to Gensler’s comment, saying:
“I am glad there are so many super clear guidelines for all this stuff after ten years of it existing.”
i am glad there are so many super clear guidelines for all this stuff after 10 years of it existing
— Shibetoshi Nakamoto (@BillyM2k) August 22, 2022
As reported by TheCryptoBasic, attorney John Deaton, the founder of Crypto Law U.S., also slammed Gensler’s WSJ Op-Ed article.
The U.S. Trails Other Countries in Crypto Regulations
It is common knowledge that the U.S. crypto market still lacks clear regulations since its inception.
While other countries have taken key steps to regulate crypto in their jurisdictions, the United States has been lagging in terms of providing regulatory clarity for the emerging industry.
Instead of providing regulatory clarity, the SEC has adopted regulation by enforcement tactics in regulating the country’s crypto market.
Several cryptocurrency projects, including Ripple, have been victimized by the SEC’s regulation by enforcement approach. Despite efforts made by industry stakeholders to get regulated, the SEC is still unwilling to change its tactics.