Oh, those memecoins! 😜 They're causing quite a stir, especially Donald Trump's Official Trump (TRUMP) token! $TRUMP
According to SEC Commissioner Hester Peirce, these memecoins don't fall under the SEC's jurisdiction, which means they're like the wild west of the crypto world! 🤠
Peirce mentioned that regulating memecoins would be up to Congress or other agencies, as they're more like collectibles than traditional crypto assets.
Now, TRUMP investors have lost about $2 billion in just a few weeks, with at least 813,000 crypto wallets taking a hit. But hey, the Trump Organization and its partners have reportedly raked in $100 million in trading fees! 💰
Even though TRUMP investors are feeling the burn, memecoins like TRUMP and First Lady Melania Trump’s Official Melania Meme (MELANIA) are still out there, unregulated and causing a ruckus! 💣
Some industry analysts, like Nate Geraci, agree with Peirce, saying memecoins are more like collectibles. But others, like macroeconomist Lyn Alden, compare memecoins to trends like initial coin offerings (ICOs) and non-fungible tokens (NFTs).
So, buckle up, folks! Memecoins are here to stay, and they're not planning on following the rules anytime soon! 🤪💸🤑
