In a world where the SEC (that’s the Securities and Exchange Commission, not the Southern Electric Company) has decided that memecoins are not securities, Commissioner Caroline Crenshaw has taken a delightful detour down the dissenting path. It’s like watching a cat decide to ignore the laser pointer while everyone else is mesmerized.
According to her statement on the 27th of February (a date that will live in memefame), Crenshaw posits that memecoins might just tickle the Howey test’s fancy by profiting from the managerial efforts of others. You know, like how your friend profits from your bad decisions at the pub.
She further elaborated that, under the SEC’s recent guidance (which sounds suspiciously like a group of wizards trying to define magic), most cryptocurrencies could be classified as memecoins. This guidance, released on the same day, claims that memecoins are merely online social trends with speculative value and high volatility — and definitely not securities. But Crenshaw, bless her heart, has a different perspective:
“Today’s statement paints meme coins as cultural projects whose purpose is entertainment and social engagement. The reality is that meme coins, like any financial product, are issued to make money.”
Ah, the sweet smell of irony! Memecoins have been under the spotlight lately, especially after a series of high-profile scams, hacks, and even a presidential memecoin launch that could make a soap opera look like a documentary.
US Regulators and Lawmakers Attempt to Reign in Memecoins
In the wake of President Trump’s memecoin launch (because why not?), several Democrat lawmakers, including the ever-watchful Elizabeth Warren, have called for an investigation into potential ethics violations of this presidential token. It’s like watching a game of Whac-A-Mole, but with more paperwork.
On the same fateful day, California’s own Sam Liccardo announced that House Democrats are preparing a bill to ban presidential memecoins. The proposed bill, humorously titled “The Modern Emoluments and Malfeasance Enforcement (MEME) Act,” aims to prohibit US lawmakers from sponsoring, issuing, or endorsing any digital asset. Because nothing says “serious business” like a bill with the word “meme” in it!
Moreover, spouses and dependents of US representatives, the president, vice president, and senior executive branch officials are also prohibited from issuing or sponsoring memecoins under this bill. It’s like a family reunion where everyone is told to leave their questionable investments at the door.
Attorney Elizabeth Davis, who once held the title of chief attorney at the Commodity Futures Trading Commission (CFTC), recently argued that memecoins should be under the watchful eye of the CFTC. She told CryptoMoon (which sounds like a place where dreams go to die) that if the commodities regulator gets its hands on crypto, there’s a good chance memecoins will be included in their purview.
With a twinkle in her eye, Davis expressed confidence that comprehensive memecoin regulations would be established in the United States over the next year — finally putting an end to the regulatory ambiguity surrounding social tokens. Because nothing says “we care” like a good set of regulations!
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2025-02-28 23:06