Still there are other problems with the lawsuit. One problem is that the plaintiffs are suing Musk for insider trading and securities fraud, which only works if Dogecoin is a security. Is it? Well. Almost every cryptocurrency, other than Bitcoin and maybe Ether, is probably a security under US securities law, at least in the view of the US Securities and Exchange Commission (which I think is mostly correct). But Dogecoin? The rule is that “the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others” makes something a security, and virtually every crypto project, with its promise of wealth from some blockchain ecosystem, probably qualifies. Except Dogecoin! Dogecoin is just a joke about a dog. The guys who invented it were explicitly joking, and have gone around telling people it is stupid. This is not a crypto token that was sold to raise money to build out a blockchain enterprise. It is a pure joke with no enterprise at all, which makes it probably not a security.
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