Anti-crypto SEC Commissioner: SEC Guidance on Meme Coins Does Not Provide Clear Legal Definition

CoinRank News: In response to the guidance issued by the U.S. Securities and Exchange Commission (SEC) on Meme Coin, namely Determining that Meme Coin is not a security, SEC Commissioner and crypto skeptic Caroline Crenshaw posted on the SECs official website that the purpose of SEC staff providing written guidance is to promote understanding and compliance with federal securities laws, and the guidance issued by the SEC completely subverts this concept. It presents an incomplete and unfounded legal view that the entire product category is not under the jurisdiction of the SEC; this guidance does not provide a clear legal definition or even a basic dictionary. This guidance is not a reasonable interpretation of existing laws. It raises more questions than it answers, namely, what is Meme Coin and whether Meme Coin is a definable or useful classification in existing securities laws. It boils down to a broad statement of general principles that provides little clarity or predictability for any given currency.