Decentralized Memecoin Launched by Community in Opposition to SEC Regulations
In a direct response to the growing regulatory scrutiny imposed by the Securities and Exchange Commission (SEC) on the cryptocurrency industry, a small group of community members has introduced a decentralized memecoin called NotWifGary (NWG) on May 16th.
The primary objective of this memecoin project is to take a stand against the SEC while promoting Ethereum and open-source developers within the broader Ethereum ecosystem.
The creation of NWG was sparked by the increased regulatory focus on cryptocurrencies, particularly from figures like SEC Chair Gary Gensler. The launch of this anti-SEC memecoin is part of a movement to counter what the creators perceive as unjust regulatory pressure.
Marco Monaco, a member of the NWG initiative, clarified that his involvement in the memecoin project is entirely separate from Linea and Consensys, despite his association with the zkEVM ecosystem Linea. He emphasized that his participation is purely personal and not in his official capacity with LineaBuild.
The official NWG account, posted on X (formerly Twitter), declared that the project will take a firm stance against Gary Gensler and the SEC. They see the SEC as unlawfully threatening digital property by targeting Ethereum and open-source developers.
NWG will be categorized specifically as a CultureCoin and will be launched in a highly decentralized manner with a fair launch strategy. The 12 original project supporters, all publicly known, plan to allocate 100% of the tokens to a liquidity pool.
According to the project’s website, NWG will be launched on Linea as an ERC20 token, managed through a multi-sig wallet involving the original project supporters. The liquidity pool for NWG will be funded through community donations to ensure a sufficient level of decentralization and fairness. Importantly, these donations will not entitle contributors to NWG tokens but will earn them the “NWG Launch Team” Soulbound Token (SBT).
The SEC’s actions have not gone unnoticed, as Democratic Representative Wiley Nickel recently criticized the regulatory body for turning crypto into a “political football.” He argued that the SEC’s actions are unnecessarily forcing President Biden to take sides on the matter. Nickel’s comments came after the proposed Staff Accounting Bulletin (SAB) 121 rule, which requires SEC-reporting entities to record custodial crypto as liabilities on their balance sheets.
In addition, SEC Commissioner Caroline Crenshaw, known for her critical stance on Bitcoin and cryptocurrency, may lose her position on June 5th, according to government records. This news comes amid rumors of SEC Chairman Gary Gensler potentially resigning, although some experts believe this is unlikely during an election year.
Kraken, a prominent cryptocurrency exchange, has also voiced its concerns over the SEC’s strict stance on crypto. They recently urged the US court to dismiss the SEC’s claims that they operated an unregistered securities trading platform. Kraken argued that such claims could significantly disrupt the US financial regulatory structure and emphasized that the scope of the SEC’s jurisdiction should be debated in Congress.
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