Memecoins Escape SEC Oversight Says Peirce

SEC’s Hester Peirce: Many Memecoins Likely Outside Agency’s Jurisdiction

• SEC Commissioner Hester Peirce claims many memecoins probably do not fall under SEC regulation.
• Peirce leads the SEC’s crypto task force, focusing on classifying tokens as non-securities.
• The task force was established last month to address the “crypto as securities” issue.
• Peirce’s view contrasts with former SEC Chair Gary Gensler, who saw most cryptocurrencies as securities.
• Critics highlight memecoins’ volatility and lack of regulation, leading to fraudulent schemes.

SEC Commissioner Hester Peirce stated that many memecoins likely do not fall under the agency’s jurisdiction, contrasting with previous views that most cryptocurrencies are securities. The SEC’s crypto task force aims to classify tokens as non-securities for regulatory clarity. Critics point out the risks associated with unregulated memecoins.