The U.S. Securities and Exchange Commission (SEC) is facing criticism over its new guidance on meme coins, particularly from Commissioner Caroline Crenshaw. She described the guidance as a 'roadmap' for issuers to evade regulatory oversight, warning that these coins are not merely jokes but tools for market manipulation. Crenshaw emphasized that the lack of strict regulations allows for practices such as price manipulation and pump-and-dump schemes, which can harm retail investors. The SEC's stance has raised concerns about the agency's commitment to enforcing securities laws, especially in light of recent actions like the voluntary dismissal of a lawsuit against Coinbase. Legal experts have noted that despite the SEC's assertion that meme coins are not classified as securities under U.S. law, the situation remains complex and warrants closer scrutiny to protect investors.