Anti-encryption SEC Commissioner: The SEC's guidance on Meme coins does not provide a clear legal definition
In response to the guidance issued by the U.S. Securities and Exchange Commission (SEC) on Meme coins, namely "determining that Meme coins are not securities," SEC Commissioner and crypto skeptic Caroline Crenshaw posted on the SEC's official website stating that the purpose of written guidance provided by SEC staff is to promote understanding and compliance with federal securities laws. However, the guidance issued by the SEC completely subverts this concept. It proposes an incomplete, unfounded legal view, believing that the entire product category is not within the jurisdiction of the SEC; this guide does not provide a clear legal definition or even a basic dictionary. This guide is not a reasonable interpretation of existing law. It raises more questions than it answers about what Meme coins are and whether they can be defined or useful categories in existing securities laws. It boils down to a broad statement of general principles with little clarity or predictability for any given currency.
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