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SEC Commissioner Questions Oversight of Meme Cryptos
In a recent interview, SEC Commissioner Hester Peirce expressed that numerous memecoins may not fall under the SEC's regulatory scope. She emphasized that while each case should be evaluated individually, many memecoins likely don't fit within the SEC's current regulatory framework. Peirce suggested that if Congress or the Commodity Futures Trading Commission (CFTC) wishes to address this gap, they have the authority to do so.
Memecoins, distinct from cryptocurrencies like Bitcoin and Ethereum, often lack intrinsic value. Industry experts have long contended that these tokens resemble digital collectibles more than traditional investment vehicles.
Peirce's perspective marks a departure from the SEC's previous approach under former Chairman Gary Gensler, who maintained that most crypto tokens, excluding Bitcoin, were securities. Following Gensler's departure, Acting Chair Mark Uyeda announced the establishment of a new Crypto Task Force, led by Peirce, aiming to provide clearer regulatory guidance for the crypto industry.
Recently, Peirce outlined the task force's primary objectives, which include addressing the longstanding ambiguity surrounding the classification of various crypto assets.
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