#美SEC：Meme币非证券

Legal Basis

The SEC determines that meme coins do not meet the definition of securities based on the Howey Test. The core reasons include:

Lack of Profit Attributes: Meme coins do not generate income and do not grant holders rights to future revenue, profits, or assets of the business.

Weak Functional Attributes: Most meme coins have "limited use or functionality, or even no actual use," making them closer to electronic collectibles.

Value Drivers: Their prices are primarily driven by market sentiment, community consensus, or cultural symbols, rather than business operations or management efforts.

Policy Background and Regulatory Shift

This statement marks a significant shift in the SEC's approach to cryptocurrency regulation:

Comparison with Previous Position: Former Chairman Gary Gensler advocated treating most cryptocurrencies as securities, while new Chairman Mark Uyeda is promoting a "transparency" policy, withdrawing lawsuits against companies like Coinbase, and establishing a special cryptocurrency task force.

Influence of Political Connections: The “deregulation” trend pushed by the Trump administration is evident, such as the establishment of a government efficiency department named after Dogecoin and the launch of personal meme coins (like $TRUMP), despite the coin having depreciated by over $12 billion.

Market Impact and Risk Warning

Short-term Benefits: Following the statement, the prices of Dogecoin, Solana chain tokens, and others rose sharply, reflecting an uplift in market sentiment.

Long-term Risks: The SEC emphasizes that if meme coins are used to disguise securities or involve fraud, they may still face legal liability. Additionally, high volatility and lack of regulatory protection could exacerbate investor losses.

Future Regulatory Direction

The SEC plans to adopt a "categorical governance" model, classifying crypto assets as securities, commodities, or collectibles, and exploring cooperation with global regulatory bodies (such as the EU's MiCA framework). Meanwhile, the IRS may tax meme coins following the guidelines for virtual collectibles, further regulating the market.

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