SEC's Peirce Calls Memecoins Collectibles, Not Securities

SEC Commissioner Hester Peirce has clarified that many meme coins, including those linked to Donald Trump, likely fall outside the current SEC regulatory framework, viewing them more as collectibles rather than securities. The regulatory gap has been highlighted by significant investor losses, as TRUMP's value plummeted by 80% since its peak, while the Trump Organization reportedly gained $100 million in trading fees. Peirce urged Congress or other agencies like the CFTC to consider stepping in to regulate these assets. Despite the financial turmoil, Peirce, a known advocate for cryptocurrency innovation, expressed her concerns over the existing regulatory environment's impact on innovation and emphasized the need for the SEC to set basic parameters to foster innovation while ensuring investor protection.