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The U.S. Securities and Exchange Commission (SEC) has officially announced that memecoins are not classified as securities. This decision prevents popular memecoins like TRUMP from being regarded as financial investment tools. The SEC clarifies that such coins are primarily seen as collectibles and are not subject to traditional financial regulations. However, legal sanctions may apply in cases of fraud involving memecoins.
Memecoins and Securities Law
According to the SEC, memecoins do not meet the definition of securities under the Securities Act of 1933. These coins do not grant owners any rights to dividends, income, or corporate partnerships like stocks or investment contracts do. Therefore, the SEC deems it unnecessary to register the creators or investors of memecoins.
Nevertheless, this decision leaves investors without the traditional financial protections provided by the SEC. Investors are advised to remain cautious, as they are vulnerable to fraud and manipulation tactics like pump-and-dump schemes. Legal experts suggest that although the SEC is not directly regulating memecoins, other federal and state agencies may take action against fraudulent activities.
The MEME Act and Political Connections of Memecoins
Prior to this announcement, Democratic members of the U.S. House of Representatives introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act. This bill aims to restrict public officials from creating or endorsing memecoins. California Congressman Sam Liccardo, the bill’s architect, stated that Donald Trump’s launch of the TRUMP coin raises ethical concerns.
There are concerns that such coins could be used for political gain or to manipulate public opinion. The MEME Act seeks to prevent such possibilities. However, the bill has not yet been passed and remains open for discussion in Congress.
The SEC’s decision has drawn various reactions from the cryptocurrency community. While some experts view this move positively, others consider it insufficient. Cryptocurrency attorney Ishmael Green noted that the decision could encourage exchanges like Coinbase and Robinhood to list memecoins, potentially increasing memecoin trading on U.S. blockchains.
