The Securities and Exchange Commission issued guidance on Thursday saying that he didn’t see most of the meme coins. This is a crypto token as a securities under US federal law, a crypto token derived from a meme.
As a result, the SEC said it does not believe that people who purchase or hold meme coins are protected by federal securities laws, saying “people who participate in the offer and sale of meme coins are not required to register a transaction with the Commission.”
The new SEC guidance is about a month for President Donald Trump’s second term, with Trump issued an executive order to create government efficiency.
President Trump also launched a meme coin called $Trump for his supporters a few days before he took office. Since peaking on January 19, the coin has lost $12 billion worth of value, Telegraph reported Thursday.
SEC Chairman Mark Weda, appointed by Trump in January, had previously indicated that he would create a clear line of regulatory lines around cryptocurrencies. On Ueda’s first day in office, he announced the establishment of a Cryptocurrency Task Force.
The Uyeda SEC says that meme coins “do not generate or communicate rights to future income, profits, or assets. Rather, the committee says they view meme coins like collectibles.
Thursday’s guidance on memecoin represents a tighter deal compared to how the SEC is considered Meme Coins under former chairman Gary Gensler. Gensler repeatedly called for Crypto Tokens, including Meme Coins, to treat them as securities, and instructed Crypto service providers to actively register with the SEC.
Also on Thursday, the SEC announced it had dismissed a lawsuit against Coinbase, the largest US cryptocurrency exchange.
“In the past few years, the Commission’s view on cryptography has been primarily expressed through enforcement measures without attracting the public,” Weda said in a statement. “It’s time for the committee to revise its approach and develop crypto policies in a more transparent way.”
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