The lead of the CryptoLaw project believes that Elon Musk's promotion of DOGE could convince the SEC that the asset is a security under the control of his companies.
Crypto expert John Deaton warned Elon Musk via Twitter that his messenger initiatives to promote Dogecoin could bring the asset to the attention of the Securities and Exchange Commission (SEC). According to the expert, Dogecoin could suffer the same fate as Ripple if SEC Chairman Gary Gensler believes that Musk’s promotion of cryptocurrency indicates that the digital asset belongs to the security class:
“Be careful as the SEC may recognize the DOGE cryptocurrency as a security and link it to your companies.”
John Deaton is acting as an attorney representing XRP holders in court with the SEC. John Deaton's warning is a reaction to a tweet from a user named Jay-B, who said that the head of the SEC does not treat different cryptocurrencies equally fairly.
According to a CryptoLaw host, the commission is pursuing the Ripple project, which is linked to 300 financial institutions outside the US. While Elon Musk is freely promoting Dogecoin via Twitter.
Deaton does not believe Jay-B's announcement will bring Dogecoin to the attention of the regulator. But still, Musk draws attention to the fact that there is logic in the reasoning.
On April 4, the SEC sent a letter to Elon Musk asking why he did not publicly announce his stake on Twitter. The commission demanded that the billionaire report on his shares within the next ten days.
In March, Tesla CEO and founder Elon Musk said he was "seriously thinking" about building a new open-source social network with DOGE support.
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