In a federal court case against Coinbase (NASDAQ:COIN), the Securities and Exchange Commission (SEC) has contended that cryptocurrencies lack any “innate or inherent value.” This argument has drawn criticism from Tesla CEO Elon Musk and Dogecoin (CRYPTO: DOGE) creator.
What Happened: Billy Markus, popularly known as Shibetoshi Nakamoto, co-creator of Dogecoin, took a jab at the SEC on social media platform X, stating, “then return all the taxes y’all made me pay for receiving it you horrific evil hypocrites.”
Musk quickly responded, questioning the SEC’s assertion, saying, “It’s real if you have to pay taxes, but otherwise not real?”
The SEC, in response to a motion filed by Coinbase to dismiss the agency’s lawsuit, petitioned the judge to reject Coinbase’s argument that cryptocurrency trading does not constitute an investment contract. The ...