Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC), has stated that many meme coins in circulation may not fall under the commission’s supervision. These remarks come after increased attention on meme coins, especially with the launch of Donald Trump’s official token (TRUMP). Peirce expressed concerns about the regulatory framework for meme coins and emphasized that the SEC is evaluating various token types. She suggested that this issue may require actions from other entities like Congress or the Commodity Futures Trading Commission (CFTC). Nita Garchi, the head of ETF Store, agreed with this view, stating that meme coins are more like collectible items. Peirce was recently appointed as the leader of a new crypto working group at the SEC. Despite being dubbed the ‘Crypto Mom,’ she does not see herself as a crypto advocate, but rather a supporter of maximum freedom. She also criticized the SEC’s approach to cryptocurrencies, pointing out the use of regulations to stifle innovation. Peirce advocates for policies that support experiments and new ideas. Meanwhile, the meme coin market has faced a decline. At the time of writing, the total market value of meme coins reached $75.6 billion, experiencing a 1% decrease in the past 24 hours. The top 10 meme coins have all seen a decline, with tokens like Penguin PENGU and Doge WIF experiencing the most significant drops. Celebrity-related meme coins have also seen notable declines, as investors seem to be directing their focus towards projects with real and tangible value.
