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A few months ago, if you envisioned today’s news, you likely would not have believed it. Now, as the SEC takes a surprising step, cryptocurrencies seem to be gasping for breath. However, we must examine the long-term effects of these developments.
The SEC and Meme Coins
According to a recent announcement, the SEC claims that meme coins are not securities. In an environment where meme coins are not viewed as securities, the crucial point is the increased likelihood of approval for many other cryptocurrency ETFs. While Gensler perceives almost all altcoins as securities, the new crypto-friendly administration is taking the expected steps today.
The Company Finance Division provides clarity in its efforts regarding the application of federal securities laws to crypto assets. A “meme coin” refers to a type of cryptocurrency inspired by internet memes, characters, current events, or trends, aiming to attract a passionate online community for buying and trading. According to the Division’s views, transactions involving the types of meme coins discussed in this statement do not constitute offerings and sales of securities under federal securities laws.
Consequently, those participating in the offering and sale of meme coins are not required to register their transactions with the Commission under the Securities Act of 1933. Thus, neither meme coin buyers nor holders are protected by federal securities laws.
