Anti-encryption SEC Commissioner: The SEC's guidance on meme coins does not provide a clear legal definition

ChainCatcher message, regarding the guidance issued by the U.S. Securities and Exchange Commission (SEC) on Meme coins, stating that "Meme coins are not considered securities." SEC Commissioner and crypto skeptic Caroline Crenshaw published an article on the SEC's official website, stating that the purpose of the written guidance provided by SEC staff is to promote understanding and compliance with federal securities laws. However, the guidance issued by the SEC completely undermines this concept, presenting an incomplete and unfounded legal viewpoint that suggests an entire category of products falls outside the SEC's jurisdiction.

This guidance does not provide a clear legal definition, nor does it even offer basic dictionary definitions. It is not a reasonable interpretation of existing law. It raises more questions than it answers, such as what constitutes a Meme coin and whether Meme coins can be defined or are useful classifications under existing securities laws. It ultimately amounts to a broad statement of general principles, offering little clarity or predictability for any given currency.