The co-founder of meme asset Dogecoin (DOGE) is calling out the Chair of the U.S. Securities and Exchange Commission (SEC), saying that he’s “useless in every single way.”
Responding to a new video by SEC Chair Gary Gensler claiming that fraud and noncompliance are rife within the digital assets industry, DOGE co-founder Billy Markus says that Gensler is essentially just a figurehead who doesn’t do anything.
“You’ve never laid out any actual rules, you just hand wave. You’re basically useless in every single way.”
In the video, Gensler says that even though digital assets are a small part of the US economy, noncompliance with current securities laws harms US investors.
“There’s a lot of noncompliance. Noncompliance with securities laws that are there to help give you the disclosure so you can make the investment decision but also to protect you against fraud and manipulation. There’s been far too much fraud and bad actors in the crypto field…
This is really the Wild West, and it’s around the globe. 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.
It’s not just one actor… this is something that pervades this entire field globally, and it’s hard for the good faith actors even to compete because there’s so many challenges elsewhere.”
In October, Markus also called out the Dogecoin community in a similar fashion, at the time saying that they “do nothing productive.”
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