- Dogecoin co-founder Billy Markus asked the SEC to return all crypto taxes since the regulator considers crypto to have ‘no innate or inherent value.’
- Elon Musk chimed in to support Markus’s viewpoint, questioning the notion that cryptocurrencies aren’t “real” if they are taxed.
Amid of exchange of thoughts on social media platform X, two influential figures talked on a contentious topic of SEC’s taxation of cryptocurrencies. The debate ignited from SEC’s comments in the Coinbase case, wherein the securities regulator noted that crypto has ‘no innate or inherent value.'”
This confident assertion caught the eye of Dogecoin co-founder Billy Markus, who promptly offered a pointed critique, emphasizing the taxes he has personally incurred on his cryptocurrency earnings. Billy Markus responded to the SEC’s statement with a sharp and straightforward remark. He issued a challenge to the regulatory body, stating,
Then return all the taxes y’all made me pay for receiving it, you horrific evil hypocrites.
This comment highlights the perceived inconsistency in the regulatory treatment of cryptocurrencies. On one hand, authorities swiftly impose taxes on cryptocurrency earnings, treating them as tangible assets. On the other hand, they question the fundamental value of cryptocurrencies.
then return all the taxes y’all made me pay for receiving it you horrific evil hypocrites pic.twitter.com/rwisnADwLe
— Shibetoshi Nakamoto (@BillyM2k) October 9, 2023
Elon Musk Extends Support to Dogecoin Founder
Elon Musk, the CEO of Tesla and SpaceX, renowned for his influential role in the cryptocurrency sphere, also joined the discussion, supporting Markus’s viewpoint. Musk, known for his active engagement in crypto discussions, posed a rhetorical question:
It’s real if you have to pay taxes, but otherwise not real?
This sarcastic inquiry underscores the inconsistency within the regulatory perspective. When cryptocurrencies like Dogecoin or Bitcoin are subject to taxation as genuine assets, it raises questions about how their intrinsic value can be denied. In response to Musk’s comment, Billy Markus suggested that the “realness” of cryptocurrency is “transitory.”
This statement carries various interpretations. It could imply that the value and acceptance of cryptocurrencies are evolving over time, or it might allude to the volatile nature of the crypto market, where assets can rapidly fluctuate in value.
Elon Musk has already been facing a legal battle with the U.S. SEC over his acquisition of Twitter, now X, last year. The SEC has initiated legal action against Elon Musk, alleging his non-compliance with a subpoena for his testimony concerning his acquisition of Twitter/X shares.
Will Dogecoin Rally If Elon Musk Takes X Public
Dogecoin has enjoyed the favor of Elon Musk for some time, with widespread belief that he is one of the cryptocurrency’s most significant investors. Industry observers have started to wonder if a collaboration between Bill Ackman and X could serve as a catalyst, pushing Dogecoin’s market price closer to the $0.75 threshold. Moreover, there have been previous speculations about Musk possibly integrating DOGE payments into his X payment strategies.
Billionaire hedge fund manager Bill Ackman has emerged as a potential collaborator with Elon Musk’s recently rebranded X platform, previously known as Twitter. This unexpected development in the tech and finance spheres has ignited the cryptocurrency community’s curiosity, with a sharp focus on its potential implications for Dogecoin.
At press time, the Dogecoin (DOGE) price is trading under $0.060 as the ninth-largest cryptocurrency with a market cap of $8.3 billion.
