- Elon Musk and Dogecoin co-founder, Billy Markus, critique the SEC’s inconsistent stance on crypto taxation and valuation.
- The debate was instigated by the SEC’s claim that crypto lacks “innate or inherent value.”
In a lively debate on the platform formerly recognized as Twitter, notable figures Elon Musk and Billy Markus voiced their concerns over the SEC’s perplexing viewpoint on cryptocurrency. Sparked by the SEC’s audacious declaration in the Coinbase case, which stated that cryptocurrencies hold “no innate or inherent value,” Dogecoin co-creator, Billy Markus, was quick to point out the irony. He emphasized the taxes he’s been compelled to pay on his crypto returns, retorting with, “then return all the taxes y’all made me pay for receiving it you horrific evil hypocrites,” referencing a tweet by Shibetoshi Nakamoto @BillyM2k.
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
Musk Echoes Crypto Community’s Frustration
Elon Musk, the trailblazing CEO of both Tesla and SpaceX, known for his fervent advocacy for digital currencies, promptly backed Markus’s stance. In his characteristic wry tone, Musk raised a poignant query, “It’s real if you have to pay taxes, but otherwise not real?” His quip vividly accentuated the contradiction in the regulatory outlook: if digital currencies such as Dogecoin and Bitcoin are subjected to taxes as genuine assets, how can one argue against their intrinsic worth?
Cryptocurrency: A Transitory Reality?
In reaction to Musk’s input, Billy Markus postulated that the “realness” of cryptocurrency might be “transitory.” This intriguing perspective can be dissected in diverse ways. It potentially alludes to the continually changing acceptance and valuation of cryptocurrencies. Alternatively, it might reference the unpredictable oscillations inherent to the crypto sphere, where digital assets can soar or plummet in value in a flash. As regulatory entities strive to decipher the ever-evolving world of crypto, influential stalwarts like Markus and Musk remain at the forefront, persistently challenging and molding the discourse.
