The creator of the largest cryptocurrency meme, Dogecoin, Billy Marcus, known on social network X as Shibetoshi Nakamoto, called on the US Securities and Exchange Commission (SEC) to recognize the Dogecoin cryptocurrency as not classified as securities.

SEC Chairman Gary Gensler believes that Bitcoin does not fall under the definition of securities. Dogecoin creator Billy Markus called on the SEC to recognize the same for DOGE coin, since the code for its creation was copied from the original Bitcoin code base. Marcus explained that the principle of operation of both cryptocurrencies is almost the same.

However, some of Marcus’s followers disagreed with his statement, noting that unlike Bitcoin, whose supply is limited to 21 million coins, Dogecoin is not limited in its supply. To this, the inventor of memcoin replied that it was just one line of code that could be changed with the approval of the miners. Exactly the same process as Bitcoin, Marcus added.

Marcus’ comments come after Gensler’s interview on CNBC’s Squawk Box. Gensler mentioned that in January the agency approved more than a dozen spot Bitcoin exchange-traded funds (ETFs) that are now trading on US exchanges in the US. This should be proof that Bitcoin is not considered a security, Gensler noted.

“As far as Bitcoin is concerned, my predecessor Jay Clayton and I have already said that Bitcoin is not a security. We have proof of this – you can now buy Bitcoin through exchange products,” Gensler said.

However, most other cryptocurrencies fall into the category of securities under US law, so they are subject to regulation by the SEC, says the chairman of the department. At the same time, Gensler did not specify the status of the second cryptocurrency – ether. The SEC Chairman added that the crypto industry cannot develop without adequate investor protection, citing the collapse of several crypto lenders, which led to colossal investor losses.

Earlier, lawyer John Deaton, who specializes in protecting the interests of crypto companies, expressed fears that the SEC could sue Platform X for accepting payments in the DOGE cryptocurrency.