SEC says Meme coins are not securities
The Securities and Stock Exchange Committee issued instructions on Thursday, saying that it does not look at most of the coins, which are encrypted symbols that originated from themes, such as securities under the United States federal law.
As a result, SEC says it does not believe that people who buy or keep the Meme currencies are protected under the Federal Securities Law, and that people who are involved in the offer and sale of metal currencies do not need to register their transactions with the committee. “
The new directives of SEC come almost a month after US President Donald Trump’s second term, as Trump issued an executive order to establish the Ministry of Government efficiency, led by Elon Musk, an independent governmental consultative agency named after the Mimi currency, Dujakin.
President Trump also launched Mimi’s coin for his supporters, called $ Trump, just days before his inauguration. Since its peak on January 19, the currency has lost $ 12 billion, according to The Telegraph on Thursday.
Mark Oida, Chairman of the Securities and Stock Exchange Board of the Stock Exchange in January, indicated that he will create clear regulatory lines around encrypted currencies. On the first day of Uyeda in the office, he announced the formation of an encrypted currency business group.
Uyeda’s SEC argues that the Meme currencies are not fatal papers, because they “do not generate the return, transfer rights to income, profits, or future business assets.” Instead, the committee says it sees coins like holdings.
On Thursday’s guidelines on Meme currencies are a flagrant contract compared to how SEC considers coins under its former president, Gary Ginsner. Jinsler has repeatedly called for encryption symbols, including metal currencies, to be dealt with as securities, and told encryption service providers to registration proactively with SEC.
Also Thursday, the Supreme Education Council announced that it had rejected a lawsuit against Coinbase, the largest encrypted currency exchange for the United States.
“Over the past few years, the committee’s views have been expressed largely through enforcement procedures without the involvement of the general public,” Uda said in a statement. “It is time for a committee to correct its approach and develop the encryption policy in a more transparent way.”