This week on the crypto market was marked by hearings in the U.S. Congress on the regulation of cryptocurrencies, where the head of the SEC, Gary Gensler, came under particular pressure. Among other things, the current chairman was called "the most destructive and lawless SEC chairman in history" due to his well-known policy of regulation by coercion and enforcement.

In addition, the SEC's current policy that anything, even tickets to a baseball game, can be recognized as a security was criticized.

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Apparently, Gensler felt the heat and discontent of the people and their representatives, which is especially important on the eve of the November events, when he tried to smooth over today on CNBC.

In particular, the head of the Securities Commission said that Bitcoin is not a security. 

Nakamoto challenges Gensler

Such rhetoric has caught the attention of many members of the crypto community, and in particular Dogecoin (DOGE) cofounder Billy Markus, known by the nickname Shibetoshi Nakamoto. 

Markus stated that Gensler should declare Dogecoin a nonsecurity as well, since most of the meme cryptocurrency's code is borrowed from Bitcoin, and both assets operate on the same principle.

he should say dogecoin isn’t a security also as it is mostly bitcoin code and works exactly the same way

— Shibetoshi Nakamoto (@BillyM2k) September 26, 2024

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However, he was contradicted when Markus was told that unlike BTC, DOGE has an unlimited supply. The creator of the meme coin said that this could be fixed with a line of code and the approval of miners. 

"Exactly the same process as Bitcoin," Markus summarized, while accusing his debater of not being smart.