As an analyst with a background in cryptocurrency and regulatory compliance, I find the development of NotWifGary (NWG) by a group of community members against the backdrop of increased regulatory scrutiny from the Securities and Exchange Commission (SEC) intriguing. While some members of NWG have ties to Linea, Marco Monaco, the founder, has explicitly stated that there is no affiliation between the two projects.
As a researcher studying the cryptocurrency landscape, I’ve come across an intriguing new development: a determined group of individuals has banded together to launch NotWifGary (NWG), a decentralized memecoin that proudly opposes the Securities and Exchange Commission (SEC) while championing Ethereum. This comes in response to the heightened scrutiny the crypto industry is currently facing from regulatory bodies.
Despite the involvement of certain NWG members in the zkEVM project called Linea, NWG founder Marco Monaco clarified on May 15 that the initiative is not affiliated with Linea or Consensys.
CryptoMoon has asked Marco Monaco for comment but had not heard back by publication time.
My involvement in this project is 100% at personal level and I’m not doing this in my official @LineaBuild role. This project is not tied at all to Linea or @Consensys, even if $NWG will stand with similar companies and support them during their journey against the SEC.
As a crypto investor, I and my eleven courageous companions identified with Monaco’s attribution of the Ethereum project’s inception to the regulatory uncertainties that continue to cast a shadow over our investments.
On May 15, the NWG project’s official update, which was posted on X, declared their intent to “oppose actions” taken by Gary Gensler and the SEC that allegedly infringe on digital property rights through their attempts to regulate Ethereum and open-source developers.
NotWifGary [$NWG] will be a memecoin, more specifically a CultureCoin. It will go live in the most decentralized way with a truly fair launch. The 12 project supporters proposing $NWG are all doxxed http://notwifgary.xyz/, and 100% of the allocation will be deployed in a pool.
As a researcher investigating this project, I’ve discovered that their memecoin is scheduled to debut on the Linea platform as an ERC20 token. The coin will be released from a multisig wallet, which is managed by the Original Project Supporters.
As a researcher, I would explain it this way: The New Project (NWG) hasn’t gone live yet, but we plan to kickstart its liquidity pool (LP) through community contributions. This approach aims for a sufficiently decentralized token launch and ensures fairness by giving everyone an equal opportunity to participate.
Donations will not provide any allocation of $NWG tokens. Donors will receive the “$NWG Launch Team” SBT.
The Securities and Exchange Commission (SEC) has recently taken regulatory steps against Robinhood, sending a Wells Notice on May 4, which in turn caused a delay in Exodus’ New York Stock Exchange (NYSE) listing on May 10.
Democratic Representative Wiley Nickel expressed his concern on May 15th, stating that the Securities and Exchange Commission (SEC) was turning the cryptocurrency issue into a politically charged topic, making it necessary for President Biden to take a stance on the matter unnecessarily.
Following the proposal of Staff Accounting Bulletin (SAB) 121 by the SEC, which requires SEC-reporting entities to classify cryptocurrencies held in custody as liabilities on their balance sheets, Nickel made a comment.
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2024-05-16 16:51