SEC Commissioner Hester Peirce has suggested that many meme coins might not be covered by the agency’s rules. Her comments come as interest in meme coins grows, partly due to the launch of Donald Trump’s official token, TRUMP.
In an interview with Bloomberg, Peirce discussed whether the involvement of high-profile figures complicates regulation. She acknowledged the SEC’s limits and pointed out that the rise of meme coins adds new challenges. Peirce hinted that other authorities, such as Congress or the CFTC, may need to step in.
Peirce denied being an industry supporter when she was recently named to head the SEC’s new crypto task force. She did, however, take issue with the SEC’s attitude to crypto, claiming that it stifles innovation. She argued that regulators should support new ideas instead of blocking progress.
Meanwhile, the meme coin market has dipped. Its entire worth was $75.6 billion at the time of writing, a 1% decrease over the previous day. All ten of the most popular meme coins experienced losses, with Dogwifhat (WIF) and Pudgy Penguins (PENGU) suffering the most.
As investors turn their attention to initiatives with practical applications, celebrity-backed meme currencies have also had difficulty.
