The SEC is known to move at a glacial pace. They took years to publish the rules for the JOBS act after being mandated by Congress, and even sued companies like Tumbler after they have ceased to operate.
But now that Trump released memecoins, this one was quick:
Who knows what the next administration will bring. Changing administrations tend to change the rules established earlier. But the point is this…
Law or no law, we developers have a responsibility to the users of the ecosystem we build, to get it right. Memecoins are a zero-sum game, essentially a casino. Whether or not the SEC will regulate them, the court of public opinion still exists. We’ve seen what happens with coins “in name only” that aren’t actually adopted as a currency the community they claim to represent. Even the vaunted “city coins” that gave the cities a % of the profits:
Whether it’s $TRUMP, $MELANIA, or the $LIBRA coin which Milei touted, this is just a way of speculators shuffling money around on-chain (in this case, the top chains for memecoins being Solana and Binance Smart Chain). Can we do better?