U.S. SEC Can’t Regulate Meme Coin Market
Commissioner Hester Peirce of the US Securities and Exchange Commission (SEC) claims that a large number of the meme coins that are currently available on the market are outside the securities agency’s regulatory purview.
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In a recent interview with Bloomberg, Peirce acknowledged that “facts and circumstances matter,” but she also said that many of the meme coins out there probably do not have a place under SEC’s current regulations.”.
‘The CFTC may want to address something, but many of those are probably outside our purview.’
If Congress wants to address something, they can. Peirce, also known as “Crypto Mom,” was just named head of the SEC’s new task force with a crypto focus.
The most recent remarks are consistent with those made by David Sacks, the new AI and crypto czar under Trump and a Silicon Valley veteran, who recently classified meme coins and NFTs as collectibles and likened them to culturally and commemoratively significant memorabilia.
She clarified that although there is a great deal of variation in digital assets, these tokens fall under the collectible category rather than being categorized as commodities or securities.
Nonetheless, regulatory concerns continue as individuals such as Senator Elizabeth Warren demand that meme coins associated with political figures be investigated.
Critics like Mark Cuban and Balaji Srinivasan have also cautioned that amid a surge in interest in meme coins, without appropriate regulations, such assets could damage the cryptocurrency industry’s reputation.
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